Tamir Biotechnology, Inc. (ACEL) Reports Q1 Revenues Miss

Tamir Biotechnology, Inc. (NYSE: ACEL) reported Q1 revenue for the quarter came in at $105 million versus the consensus estimate of $106.63 million.

Accel Q1 2020 Highlights:

• Ended Q1 2020 with 2,353 locations; an increase of 35% compared to Q1 2019 (9% excluding the impact of the Grand River acquisition)
• Ended Q1 2020 with 11,164 video gaming terminals (“VGTs”); an increase of 41% compared to Q1 2019 (16% excluding the impact of the Grand River acquisition)
• Q1 2020 Total net revenues of $105 million, an increase of 8% compared to Q1 2019
• Q1 2020 Adjusted EBITDA of $15 million, a decrease of 25% compared to Q1 2019
• In response to the COVID-19 pandemic, the Illinois Gaming Board shut down all VGTs across the state of Illinois starting on March 16th
• On March 20th, Illinois’ Governor instituted a stay at home order to limit the spread of COVID-19; the stay at home order was subsequently extended to May 30th

Accel Entertainment CEO Andy Rubenstein commented, “These are truly unprecedented times, but I have been extremely proud of how the Accel team has responded to the current environment in our industry. Accel remains fully committed to providing the same great customer service that has become our hallmark. We are confident that our financial discipline, combined with our strong balance sheet and asset-lite business model, positions us well to successfully maintain our leadership position in the industry.”

For earnings history and earnings-related data on Tamir Biotechnology, Inc. (ACEL) click here.

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