Pollard Banknote is striving to make this year a positive one with many professional achievements despite the dynamically changing situation. May 7 witnessed the Annual General Meeting of Shareholders which took place online and aimed to shed more light on the future of the company. About 22,359,241 common shares were unveiled at the meeting and voting was held on them.
The lottery tickets leader eyed the beginning of this month as an important time, as it allowed shareholders to vote during the Annual General Meeting of the Shareholders of the company. During this meeting, about 87.22 percent of the outstanding shares of Pollard Banknote were presented and the voting had the chance to begin. There were six nominees highlighted.
Those were Dave Brown, Jerry Gray, Garry Leach, Gordon Pollard, John Pollard, and Douglas Pollard. The highest votes for were associated with Dave Brown with some 22,113,157 votes, or 99.08 percent. Pollard Banknote also recently made it clear that the period from April 1 to June 30 would see a cash dividend of $0.04 per common share of the company. Shareholders are expected to see payments starting July 15.
The beginning of this month was also important, as it saw more information regarding the first quarter of this fiscal year. The period in question came to an end on March 31 and shed light on the gaming revenue and more important factors. Pollard Banknote unveiled a consolidated revenue of $102.2 million over the first three months of the fiscal year. This amounted to a 4.8-percent surge when compared to Q1 of the previous fiscal year.
The adjusted EBITDA for this quarter managed to reach $16.1 million whereas the income reached $7.7 million over the three months of gaming operation. John Pollard, Co-Chief Executive Officer, stated that all efforts are focused on the premium lottery tickets able to make the second quarter of this fiscal year even more successful.
Mr. Pollard revealed that the collaboration with Arizona Lottery goes smoothly, as warehousing and distribution have already been provided. The process has been established in a comprehensive manner and both parties are happy with the results. The last days of March, as well as the entire April have seen increased online gambling activity, as social distancing is the recommended practice.
The charitable gaming revenue over the first quarter was dealt a blow, as it saw a 17-percent drop when compared to the first quarter of the previous year. The reason for this was the closure of brick-and-mortar venues offering charitable gaming in its various forms. Bars, veteran organizations, and bingo halls witnessed an indefinite closure across Canada and the US. For the time being, they remain closed but there are plans for their gradual reopening.
It should also be taken into account that the first quarter of this fiscal year witnessed Pollard Banknote acquire mkodo Limited. The completed arrangement aimed to enhance the gaming offerings and functionalities the lottery leader is able to offer to both its players and partners. The digital division of its future operation is about to see an improvement.