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Multimedia Games’ Third Quarter Revenue Rises 15% To $33.4 Million Driving Diluted EPS Of $0.10

Stocks in this article: MGAM

Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) today reported operating results for its fiscal 2011 third quarter ended June 30, 2011, as summarized below:

Summary of 2011 Q3 Results

(In millions, except per share and unit data)

Three Months Ended
June 30,
2011   2010
Revenue $ 33.4   $ 29.1
EBITDA (1) $ 14.8 $ 12.3
Net income (2) $ 2.8 $ 0.4
Diluted earnings per share (2) $ 0.10 $ 0.01
New units sold (Multimedia Games’ proprietary units) 251 128
Average participation installed units((3)):
Domestic 8,912 8,284


4,452 5,036
Quarter-end participation installed units (3):
Domestic 8,933 8,689
International 4,338 5,093
(1)   EBITDA is defined as earnings before net interest expense, income taxes, depreciation, amortization, and accretion of contract rights. A reconciliation of EBITDA to net income, the most comparable Generally Accepted Accounting Principles (“GAAP”) financial measure, can be found attached to this release.
(2) Net income and Diluted earnings per share for the three months ended June 30, 2011 include a charge of $0.6 million, or $0.02 per diluted share, of which $0.5 million is for a one-time payment related to a central system service interruption and $0.1 million is related to a Mexican customs audit of prior year periods. Net income and Diluted earnings per share for the three months ended June 30, 2010 include a net benefit of $2.2 million, or $0.08 per diluted share, reflecting a benefit to income taxes of $2.6 million, or $0.09 per diluted share, offset in part by a one-time charge of approximately $0.4 million, or $0.01 per diluted share, related to the Company's April 2010 credit agreement amendment.
(3) As of June 30, 2011, the Company had no units in operation at charity bingo facilities in Alabama compared to the 475 units the Company had installed and in operation as of June 30, 2010.

Patrick Ramsey, President and Chief Executive Officer, commented, “Our fiscal 2011 third quarter results reflect continued momentum in new unit sales and growth in our domestic installed base, both of which are driven by the Company’s focus on creating new, entertaining products. Our expanding portfolio of exciting new products is being met with increased acceptance from current customers and new customers in a growing number of gaming markets.

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