BALLY RESULTS BETTER THAN ANTICIPATED
10th August, 2012 at 05:16:12
Casino equipment supplier with a penchant for online business does well in its fourth quarter
US casino equipment and content supplier - and nascent online gambling provider, given the opportunity - Bally Technologies has turned in a praiseworthy Q4-2012 report for the 3 month period ended June 2012, posting better than expected results.
Q4-2012 profit rose to $26.5 million, or 61 cents per share, from $25.5 million, or 51 cents per share, a year earlier.
Revenue rose 15% to a record $245.8 million, with gaming equipment revenues up 33% to $97 million.
Revenues for the year reached a new record of $880 million, up 16 percent, and adjusted EBITDA increased by a similar percentage to a record $282 million compared with $243 million last year.
The company confirmed that it has repurchased $106 million of its shares since March 2012.
"Our fourth quarter and fiscal 2012 results validate our leadership position in gaming technology innovation," said Richard M. Haddrill, the company's chief executive officer. "This innovation leadership and visibility into further growth opportunities for all of our businesses for fiscal 2013 and beyond is tremendously encouraging.
"During our fourth quarter we established a number of company records for revenues and profitability, prudently accrued $10 million for several legal matters," said Neil Davidson, the company's chief financial officer. "Since June 30, 2012, we purchased an additional $33 million worth of stock."
He revealed that this quarter represented the 19th consecutive quarter in which the Bally has repurchased shares.
The company has in recent months reported a series of online and mobile related partnerships that have included the implementation of a free-play e-gaming platform for Station Group's Golden Nugget Casino, a content development agreement with High5Games, and the acquisition of an intrastate online poker supplier licence from the state of Nevada (see previous reports).
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