Iao Kun Group announced earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the promoter of VIP gaming rooms in Macau posted net income of $12.2 million, or $0.19 per share, compared with the prior-year period's $5.7 million, or $0.09 per share. Non-GAAP net income was $0.9 million, or $0.01 per share, ex one-time items, versus $8.0 million, or $0.13 per share in the same quarter the previous year. Revenue was $19 million, down 64% from $52.3 million in the same quarter last year. Non-GAAP operating income before amortization and change in fair value for contingent consideration was $0.9 million or $0.01 per fully diluted share compared $8 million or $0.13 per diluted share in the same period for 2014, primarily as a result of the decline in revenue and partially offset by the significant decrease in commissions to the agents as a result of lower Rolling Chip Turnover as well as lower SG&A expense. Net income including all items was $12.2 million compared to net income of $5.7 million in the fourth quarter 2014, primarily due to the change in contingent consideration gain of $15.4 million compared to a gain of $1.8 million for the prior period. Iao Kun Group announced earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the promoter of VIP gaming rooms in Macau posted net income of $12.2 million, or $0.19 per share, compared with the prior-year period's $5.7 million, or $0.09 per share. Non-GAAP net income was $0.9 million, or $0.01 per share, ex one-time items, versus $8.0 million, or $0.13 per share in the same quarter the previous year. Revenue was $19 million, down 64% from $52.3 million in the same quarter last year. Non-GAAP operating income before amortization and change in fair value for contingent consideration was $0.9 million or $0.01 per fully diluted share compared $8 million or $0.13 per diluted share in the same period for 2014, primarily as a result of the decline in revenue and partially offset by the significant decrease in commissions to the agents as a result of lower Rolling Chip Turnover as well as lower SG&A expense. Net income including all items was $12.2 million compared to net income of $5.7 million in the fourth quarter 2014, primarily due to the change in contingent consideration gain of $15.4 million compared to a gain of $1.8 million for the prior period.

For the year, revenue was $105 million, down 55% from $233.8 million for 2014. Non-GAAP income before amortization of intangible assets, impairment of goodwill and a change in fair value of contingent consideration was $9 million, down from $17.2 million for the prior year. Non-GAAP fully diluted earnings per share were $0.14 versus $0.28 for the full year 2014. Revenue as a percentage of Rolling Chip Turnover was 1.63% versus 1.41% in 2014. Non-GAAP income, before amortization and change in fair value for contingent consideration, margin as a percentage of total revenue was 8.6%, up from non-GAAP income margin of 7.4% for 2014. Cash provided by operations was $29.9 million.

The company provided revenue guidance for the year 2016. For the year, the company expects rolling chip turnover for its five existing VIP rooms in Macau of between $3.5 billion - $4.5 billion.