Great Canadian Gaming Announces Fourth Quarter and Annual 2018 Results
GREAT CANADIAN GAMING ANNOUNCES FOURTH QUARTER AND ANNUAL 2018 RESULTS March 5, 2019 – Coquitlam, B.C. – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian,” or “the Company”) today announced its financial results for the three month period ended December 31, 2018 (the “fourth quarter”) and the twelve month period ended December 31, 2018 (“2018”, or “the full year”). FOURTH QUARTER AND 2018 HIGHLIGHTS Revenues of $342.0 million in the fourth quarter and $1,221.0 million in the full year, an increase of 126% and 99%, respectively, when compared to the same periods in the prior year. Adjusted EBITDA(1) of $120.3 million in the fourth quarter and $474.4 million in the full year, an increase of 145% and 113%, respectively, when compared to the same periods in the prior year. Shareholders’ net earnings of $27.4 million or $0.46 per common share in the fourth quarter, an increase of 112% and 119%, respectively, when compared to the same period in the prior year. Shareholders’ net earnings of $151.2 million or $2.49 per common share in the full year, an increase of 79% and 80%, respectively, when compared to the same period in the prior year. During the fourth quarter of 2018, the Company purchased for cancellation 3,167,052 common shares at a weighted average price of $48.69 per share and further purchased 136,810 common shares subsequent to 2018 at a weighted average price of $48.49. The Company has purchased a total of 3,582,462 common shares under the current normal course issuer bid.
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