Supplier News
Canada – Asia paying off as DEQ reports 18 per cent revenue increase
By Phil - 1 May 2015
DEQ Systems has reported an 18 per cent increase in gross profit from $1,533,000 to $1,809,000.
The increase included a 15 per cent increase in Proprietary Table Games in the first quarter of 2014 to $606,000.DEQ now has 2,251 units worldwide (1,896 units installed directly and 355 units installed by our distributors) compared to 2,089 units worldwide as of February 28, 2014.
During the first quarter of 2015, a total of 66 net units were installed compared to net installations of 32 units in the prior year first quarter. The Company is generating an average recurring revenue of $3,520 per unit per year, up slightly from $3,516 in last year first quarter.
“DEQ continues to execute our growth plan, manage our cash and we are prudently re-investing in our business,” stated Joe Bertolone, President and Chief Executive Officer of DEQ. “Our Asian partnership is beginning to pay off with installations in Cambodia, Korea and Australia where we are breaking new ground. Our deployments in Cambodia and Australia are the first for DEQ in these countries. These are beachhead installations that will lead to more business in these regions. Our EBITDA remains on track as compared to a year ago, as we continue to expand our revenue base.”
The company has named Christopher Benak as its new Chief Financial Officer, effective May 11, 2015, subject to regulatory approval. Mr. Benak will be based in Las Vegas, Nevada, USA.
“Chris’ casino operations and equipment manufacturing financial experience will be an instant asset to the executive team. Chris brings both gaming savvy and a publicly traded company experience set that will be the foundation for strong financial leadership and controls to support DEQ’s growth. His presence in Las Vegas will anchor the companies’ operations here and provide a basis for future expansion”, stated Joseph E. Bertolone, President and Chief Executive Officer of DEQ.
“I am extremely grateful and excited about the opportunity to join the DEQ team. I am looking forward to being a part of DEQ’s continued growth and success”, stated Mr. Benak.
Before joining DEQ, Mr. Benak served as VP Corporate Accounting & Assistant Treasurer at Tropicana Entertainment Inc. in Las Vegas, Nevada, since 2009.
Mr. Martin Audet will step down as Vice President Finance on May 22, 2015, to pursue another career opportunity. Mr. Bertolone said: “Martin has done a wonderful job at DEQ. We appreciate his stewardship and commitment to DEQ. We wish him well as he embarks on his next career challenge.”
