Iao Kun Group Holding Slips To Loss In Q3 - Quick Facts

(RTTNews) - Iao Kun Group Holding Company Limited (IKGH) reported third-quarter net loss attributable to Ordinary Shareholders of $12.3 million or $0.20 per share, compared to net income of $6.9 million or $0.11 per share in the comparable quarter last year.

The decrease in net income for the three months ended September 30, 2014 was caused by lower revenue, a net increase to the contingent consideration liability for Bao Li Gaming and the Oriental VIP Room, due primarily to an increase in the forecasted Rolling Chip Turnover performance based on past performance, and higher commissions as a result of a higher commission rate offered to non-credit agents.

Adjusted loss for the latest third quarter was $1.1 million or $0.02 per share, compared to net income of $10.1 million or $0.16 per share in the prior year period.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share. Analysts' estimates typically exclude special items.

Revenues decreased 15 percent to $51.92 million from $60.96 million last year, while two analysts expected revenues of $56.75 million for the quarter.