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Great Canadian Gaming profit misses consensus by 19.7% in Q4

Great Canadian Gaming Corp. said its normalized net income for the fourth quarter was 24 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 30 cents per share.

EPS decreased 7.0% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$15.8 million, a decrease of 12.3% from C$18.0 million in the year-earlier period.

The normalized profit margin dropped to 14.0% from 15.6% in the year-earlier period.

Total revenue grew year over year to C$121.1 million from C$115.7 million, and total operating expenses increased 9.5% on an annual basis to C$88.4 million from C$80.7 million.

Reported net income decreased 15.1% on an annual basis to C$18.0 million, or 27 cents per share, from C$21.2 million, or 30 cents per share.

For the year, the company's normalized net income totaled 97 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of C$1.16.

EPS rose 8.1% from 90 cents in the prior year.

Normalized net income was C$67.2 million, a rise of 7.1% from C$62.7 million in the prior year.

Full-year total revenue rose on an annual basis to C$453.8 million from C$446.5 million, and total operating expenses totaled C$319.0 million, compared with C$317.0 million in the prior-year period.

The company said reported net income decreased year over year to C$74.7 million, or C$1.08 per share, in the full year, from C$78.2 million, or C$1.12 per share.