Ainsworth Game Technology Limited (ASX: AGI) shares were hitting the jackpot during Friday's session. By the market's close, the Ainsworth share price had jumped 15.38% higher to 90 cents. Meanwhile, the S&P/ASX 200 Index slumped 1.32% for the day.
Let's take a look at what drove the gaming machine developer's shares higher.
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Why the Ainsworth share price was winning today
Ainsworth shares had a stellar end to the week after the company advised it has entered into a new, secured credit facility with United States-based Western Alliance Bancorporation.
Proceeds from this new, five-year US$35 million facility are being used to pay out the company's obligations under its prior credit facility with Australia and New Zealand Banking Group Limited (ASX: ANZ).
How has Ainsworth been performing?
On 10 February 2021, Ainsworth announced it expects to report a loss before tax of approximately $14 million for the six months ended 31 December 2020.
In its preliminary results, however, the company also reported that it expects improved revenue when compared to the prior period.
Ainsworth reported preliminary revenue of $72 million for the first half.
The company's North American business continued to show positive signs with revenue in the period of $41 million compared to the $21 million in the previous half and $51 million in the prior corresponding period.
At 31 December 2020, Ainsworth had a cash balance of $24 million resulting in net debt of $15 million.
The company expects to release its unaudited FY21 first-half results on 25 February 2021 and audited results in March 2021.
Company snapshot
Ainsworth is engaged in the design, production, sale, lease, and servicing of gaming machines, also known as poker machines or 'pokies'.
Over the past year, the Ainsworth share price has rallied by more than 34%.
Based on the current share price, Ainsworth has a market capitalisation of around $262 million. The company presently has approximately 336.6 million shares outstanding.
