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Multimedia Games’ First Quarter Revenue Rises 21.6% To $34.8 Million; Reports Diluted EPS Of $0.21 Inclusive Of $0.07 Per Diluted Share Benefit From Non-Recurring Items

Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) today reported operating results for its fiscal 2012 first quarter ended December 31, 2011, as summarized in the table below:

Summary of 2012 Q1 Results

(In millions, except per-share and player terminal data)

 

Three Months Ended December 31,

2011   2010
Revenue $ 34.8 $ 28.6
EBITDA (1) $ 16.3 $ 10.5
Net income (loss) (2) $ 5.8 $ (1.4 )
Diluted income (loss) per share (2) $ 0.21 $ (0.05 )
 

New proprietary units sold

408 201
 
Average participation installed units:
Domestic 9,506 8,442
International (3) 2,862 4,667
 
Quarter-end participation installed units:
Domestic 9,633 8,672
International (3) 2,226 4,451

(1)

 

EBITDA is defined as earnings (loss) before net interest expense, income taxes, depreciation, amortization and accretion of contract rights. A reconciliation of EBITDA to net income (loss), the most comparable Generally Accepted Accounting Principles (“GAAP”) financial measure, can be found attached to this release.

 

(2)

Net income and diluted income per share for the three-month period ended December 31, 2011, includes a one-time tax benefit totaling $1.0 million, or $0.04 per fully diluted share, and a gain on the sale of used equipment back to the original manufacturer totaling $0.9 million, or $0.03 per diluted share.

 

(3)

International participation installed units reflect placements in Mexico.

Patrick Ramsey, President and Chief Executive Officer of Multimedia Games, commented, “Our first quarter results reflect a continuation of the momentum the Company built throughout fiscal 2011 and represent a very strong start to fiscal 2012. By successfully executing against key strategic initiatives including growing our unit sales and installed base, refreshing our installed base at our largest customer’s facilities with proprietary Class II games, expanding the number of markets we can serve, and maintaining a focus on operating discipline, Multimedia Games continues to strengthen our competitive position and prospects for long-term growth. Our progress with these initiatives is evidenced by the year-over-year increase in unit sales, the fifth consecutive quarter of growth in our domestic installed base and our ninth consecutive quarter of operating income improvement, all of which helped drive fiscal 2012 first quarter diluted earnings per share of $0.21, inclusive of a $0.07 benefit from non-recurring items.”

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