Revenue fell to CAD 141.7 million as net income dropped to CAD 3.5 million due to temporary pricing and production issues.
Pollard Banknote reported weaker first-quarter results, with revenue declining to CAD 141.7 million from CAD 146.2 million a year earlier. Net income fell sharply to CAD 3.5 million from CAD 11.7 million, driven by lower instant ticket pricing, mix shifts, and production inefficiencies.
Management attributed the decline to temporary delays in customer orders and a shift in game mix, rather than structural issues. The company expects volumes and average selling prices to rebound in Q2, citing stronger order levels already in place.
Pollard Banknote also highlighted growth in digital and charitable gaming, including contracts with the Belgium National Lottery and Kansas iLottery. The board authorized a share buyback of up to 976,000 shares.