RECORD ANNUAL REVENUES FOR BALLY TECH
28th August, 2014 at 04:28:32
US land and online gambling supplier revenues up 22 percent.
Bally Technologies, Inc., a major US gambling equipment and content supplier to [a number of popular online casinos], has posted its fiscal FY 2014 results, highlighting record revenues up 22% to $1.2 billion, pushed by increases of 30% in systems revenue and a stand-out performance from wide area progressive network revenues.
The company reported that its quarter ended June 30 produced outstanding results as well, with total revenue up 29% to a quarterly record of $342 million vs.$264 million last year, and adjusted EBITDA up 39% to a quarterly record $122 million as compared with $88 million last year.
Selling, general and administrative expenses in the quarter remained constant at 27% of total revenues and included $11 million of restructuring and acquisition-related costs. After adjusting for these costs, SG&A was 24% of total revenues in the current period, down from 27% last year.
Research and development expenses (R&D) remained constant at 11% of total revenue.
Operating income decreased 8% to $60 million as compared with $65 million last year. Adjusted Operating Income increased by 43% to a record $92 million. Adjusted operating margin increased to 27% from 24% last year.
For the full year revenue from electronic gaming machines represented 32% of the total revenue, gaming operations 33 percent, systems 27% and table products 8 percent.
Bally CEO Richard Haddrill said, "Strong demand for our newest cabinet, the Pro Wave, helped grow domestic new unit sales by 18% over the previous quarter. We continued to deliver new and exciting titles such as Titanic that drove our WAP revenue to record levels. Our Systems technology continues to present a compelling value proposition to our customers as evidenced by another year of record revenue.
International new unit sales received a 25% boost from Bally's acquisition of SHFL Entertainment, and Hadrill noted that recent social casino acquisition Dragonplay is already strengthening Bally's presence in the fast-growing social and mobile gaming platform sector.
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