Gamehost Inc. Reports Modest Growth and Share Buyback in Q1 2024

Gamehost Inc. disclosed its financial results for the first quarter ended March 31, 2024, marking a revenue increase of 3.6% year-over-year to $20,547.2 thousand. Despite the overall rise, EBITDA to shareholders decreased by 1.3% to $7,920.7 thousand. The company attributes a portion of the revenue disruption to severe weather conditions experienced in January. Earnings per share rose slightly from $0.21 in 2023 to $0.22.

The company benefitted from an AGLC approved increase in the share of electronic gaming device Hold from 15% to 17%, a temporary measure to foster investments in gaming facilities and promotions. Additionally, Gamehost repurchased 48,200 shares for $464.9 thousand, a move that will incur a new 2% share buyback tax implemented from January 2024. Gamehost also used surplus cash to retire $4,167.0 thousand of debt subsequent to dividend payments.

Gamehost remains positive about the economic outlook in Alberta, influenced by the recent commissioning of the TMX Pipeline which is expected to stimulate the local energy sector substantially. Furthermore, Gamehost has declared a monthly dividend for May 2024 of $0.04 per common share, payable on June 14, 2024.