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Everi Holdings announces preliminary Q1 results

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Everi Holdings announces preliminary Q1 results

Everi Holdings Inc. has provided preliminary financial results for the first quarter.

The company expects consolidated revenues of about $233 million to $238 million, a quarterly net loss of about $4 million to $6 million, and consolidated adjusted EBITDA of approximately $52 million to $54 million in the first quarter. The company reported consolidated revenues of $205.8 million, a net loss of $13.2 million and consolidated adjusted EBITDA of $45.7 million in the first quarter of 2016.

Everi is also looking to refinance its outstanding $335 million of senior secured notes due 2021 and its existing first-lien term loan that matures in 2020.

The outstanding balance on the first-lien term loan as of April 10 was about $462.3 million. The company expects the proposed refinancing transaction to lower its annual cash interest expense, improve financial flexibility and extend its maturity schedule.

The actual terms and closing of the proposed refinancing are subject to various factors, including market conditions and negotiating and executing definitive agreements.