Codere, S.A. announced consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported operating revenue was €383.3 million against €405.1 million a year ago. Operating profit was €27.9 million against €35.8 million a year ago. Earnings before corporate income tax were €15.3 million against €38.5 million a year ago. Net income was €0.8 million against €2.7 million a year ago. EBITDA was €56 million against €64 million a year ago. Adjusted EBITDA was €67.9 million against €68.1 million a year ago. Adjusted EBITDAR was €97.2 million against €98.7 million a year ago. Basic earnings per share were €0.01. Cash flow from operations was €36.9 million against €54.6 million a year ago. Capital expenditures were €24.2 million against €48.1 million a year ago.

The company expects maintenance CapEx 2018 to be between €75 million and €80 million if there are no license renewals.