Amaya Provides Guidance Update, Announces Q3 2014 Conference Call

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MONTREAL, Canada – Nov. 10, 2014 – Amaya Gaming Group Inc. (“Amaya” or the “Corporation”) (TSX: AYA) today affirmed its previously announced guidance for the full year 2014 for revenue ($669 – $715 million) and Adjusted EBITDA* ($265 – $285 million), with results expected at the high end of the range.

The financial guidance for 2014 excludes the impact of any potential future strategic transactions, and any specified items that have not yet been identified and quantified.


Q3 EARNINGS RELEASE AND CONFERENCE CALL DETAILS

The Corporation also announced that it will host a conference call on Friday, November 14, 2014 at 8:30 a.m. ET to discuss its financial results for the third quarter ended September 30, 2014. David Baazov, CEO of Amaya, will chair the call. The Corporation plans to release its financial results on Friday, November 14, 2014 at 6:30 a.m. ET.

To access via tele-conference, please dial +1.888.231.8191 or +1.647.427.7450 ten minutes prior to the scheduled start of the call. The playback will be made available two hours after the event at +1.855.859.2056 or +1.416.849.0833. The Conference ID number is 33400821. To access the webcast please use this link:http://bit.ly/1EoYGdc

* Adjusted EBITDA as defined by the Corporation means earnings before interest and financing costs (net of interest income), income taxes, depreciation and amortization, stock-based compensation, restructuring and other non-recurring costs, and non-controlling interests. Adjusted EBITDA is a non-IFRS measure. Reconciliation to Net Income is included in the Corporation’s quarterly earnings releases.


ABOUT AMAYA

Amaya is the owner of the Rational Group, which owns and operates gaming and related businesses and brands including PokerStars, Full Tilt, the European Poker Tour, PokerStars Caribbean Adventure, Latin American Poker Tour and the Asia Pacific Poker Tour. These brands collectively form the largest poker business in the world, comprising online poker games and tournaments, live poker competitions and poker programming created for television and online audiences. In addition to operating two of the largest online poker sites, Rational Group is the largest producer of live poker events around the world. Amaya also provides interactive and physical gaming solutions to the regulated gaming industry.


DISCLAIMER IN REGARDS TO FORWARD-LOOKING STATEMENTS

Certain statements included herein, including those that express management’s expectations or estimates of our future performance constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.


For investor or media inquiries, please contact:

Tim Foran
Tel: +1.416.545.1325
ir@amayagaming.com

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in the third quarter of 2014 compared to $1.64 million, or $0.02, in the third quarter of 2013, with the increase driven by the consolidation of the B2C Business.
Adjusted EBITDA Reconciliation $

Q3 2014

$000’s

Q3 2013

$000’s

YTD Q3 2014

$000’s

YTD Q3 2013

$000’s
Net Income (loss) from continuing operations

26,416

1,640

77,515

(4,241)
Financial expenses

15,843

847

25,648

14,371
Current income taxes

1,239

7,327

7,963

11,032
Deferred income taxes

(11,070)

(4,426)

(26,942)

(4,286)
Depreciation of property and equipment

5,107

3,008

12,489

8,996
Amortization of deferred development costs

463

244

1,187

567
Amortization of intangible assets

28,932

4,886

39,229

12,085
Stock-based compensation

1,493

510

3,028

1,436
EBITDA

68,423

14,036

140,117

39,960
Termination of employment agreements

804

175

1,390

1,480
Termination of agency agreements

–

–

–

101
Loss (gain) on sale of investments

16,319

–

(32,734)

–
(Gain) on marketable securities

(8,355)

–

(14,740)

–
Acquisition-related costs

12,130

845

21,934

1,177
Net Adjusted EBITDA from assets & liabilities classified as held for sale

–

(1,607)

(315)

(6,386)
Impairments

9,039

2,131

9,039

2,131
Loss on disposal of assets

4,182

118

4,186

306
Other one-time costs

5,850

2,539

9,201

7,195
Adjusted EBITDA

108,392

18,237

138,078

45,964
 

Adjusted Net Income Reconciliation $

Q3 2014

Q3 2013

YTD Q3 2014

YTD Q3 2013
Net Income (loss) from continuing operations

26,416

1,640

77,515

(4,241)
Other one-time costs

5,850

2,539

9,201

7,195
Loss on disposal of assets

4,182

118

4,186

306
Impairments

9,039

2,131

9,039

2,131
Termination of employment agreements

804

175

1,390

1,480
Termination of agency agreements

–

–

–

101
(Gain) on marketable securities

(8,355)

–

(14,740)

–
Acquisition-related costs

12,130

845

21,934

1,177
Foreign exchange

(31,851)

(3,611)

(35,183)

(304)
Loss (gain) on sale of investments

16,319

–

(32,734)

–
Net adjusted income from assets & liabilities classified as held for sale

–

(1,527)

(299)

(6,067)
Amortization of purchase price allocation intangibles

27,248

3,136

34,794

9,033
Interest accretion

6,641

832

8,091

3,744
Stock-based compensation

1,493

510

3,028

1,436
Adjusted net income

69,916

6,788

86,222

15,991





 




Q3 and subsequent operational highlights

Amaya and NYX will also expand their existing partnership with:

Closing of the Transaction is subject to customary regulatory approvals and is anticipated to occur by the end of November, 2014.

 

2014 FULL YEAR FINANCIAL GUIDANCE

On November 10, 2014, Amaya affirmed its previously announced guidance for the full year 2014 for revenue ($669 – $715 million) and Adjusted EBITDA* ($265 – $285 million), with results expected at the high end of the range. The financial guidance for 2014 excludes the impact of any potential future strategic transactions, and any specified items that have not yet been identified and quantified.


FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS

The financial statements, notes to financial statements and Management’s Discussion and Analysis for the three and nine month periods ended September 30, 2014, will be available on the SEDAR website at www.sedar.com.


CONFERENCE CALL

The Corporation will host a conference call on Friday, November 14, 2014 at 8:30 a.m. ET to discuss its financial results. David Baazov, CEO of Amaya, will chair the call. To access via tele-conference, please dial +1.888.231.8191 or +1.647.427.7450 ten minutes prior to the scheduled start of the call. The playback will be made available two hours after the event at +1.855.859.2056 or +1.416.849.0833. The Conference ID number is 33400821. To access the webcast please use this link: http://bit.ly/1EoYGdc


About Amaya

Amaya owns gaming and related consumer businesses and brands including PokerStars, Full Tilt, the European Poker Tour, PokerStars Caribbean Adventure, Latin American Poker Tour and the Asia Pacific Poker Tour. These brands collectively form the largest poker business in the world, comprising online poker games and tournaments, live poker competitions, branded poker rooms in major global casinos, and poker programming created for television and online audiences. Amaya also provides B2B interactive and physical gaming solutions to the regulated gaming industry, primarily through its Cadillac Jack and Diamond Game.

Disclaimer in regards to Forward-looking Statements

Certain statements included herein, including those that express management’s expectations or estimates of our future performance constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.


For investor relations, please contact:

Tim Foran

Tel: +1.416.545.1325

ir@amayagaming.com

 

For media inquiries, please contact:

Eric Hollreiser

Press@amaya.com

 

[1]Adjusted EBITDA as defined by the Corporation means earnings before interest and financing costs (net of interest income), income taxes, depreciation and amortization, stock-based compensation, restructuring and other non-recurring costs, and non-controlling interests. Adjusted EBITDA is a non-IFRS measure. Reconciliation to Net Income is included in this release.

[2]Adjusted Net Earnings (loss) as defined by the Corporation means Net earnings (loss) before interest accretion, amortization of Intangible assets resulting from purchase price allocation following acquisitions, stock-based compensation, foreign exchange, and other non-recurring costs.  Adjusted Net Earnings (loss) is a non-IFRS measure. Reconciliation to Net Income is included in this release.

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