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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

Stocks in this article: MGAM

Ramsey continued, “With growing acceptance of our products in a variety of domestic gaming jurisdictions, Multimedia Games’ total revenues for the fiscal 2012 first quarter increased 21.6%. We more than doubled the number of units sold compared with the first quarter last year and recorded double digit year-over-year revenue growth in our gaming operations segment, as our quarter-end domestic installed base increased by 961 units, or approximately 11%, from the prior-year period.

“Our new products continue to gain traction in a number of markets – including Oklahoma, California, Washington, Mississippi and Louisiana – as we deployed an aggregate 662 new revenue units in the quarter, including the sale of 408 new units in ten jurisdictions and the net addition of 254 units to our installed base. Our strengthened product portfolio was also a key factor in the Company’s ability to further solidify our long-term strategic alliance with the Chickasaw Nation, as we recently extended several long-term unit placement agreements which positions the Company to retain approximately 90% of our current footprint at their facilities through the end of our fiscal 2015. Revenues from our operation of the New York Lottery’s central determinant system also continue to rise reflecting the recent opening of Resorts World New York as well as solid year-over-year increases at existing facilities.

“The deployment of an increasing number of new revenue units, the renewal of several long-term agreements with the Chickasaw Nation, and our ongoing new market licensing efforts, coupled with consistent cash flow generation have established a strong platform for future growth. Reflecting the strong fiscal 2012 first quarter performance, we are raising our full year diluted EPS outlook to a range of $0.42-$0.45 from a range of $0.23-$0.26.”

Summary of Fiscal 2012 First Quarter Operating Results

Multimedia Games’ fiscal 2012 first quarter revenue rose 21.6%, or $6.2 million, to $34.8 million, compared to revenue of $28.6 million in the fiscal 2011 first quarter. Fiscal 2012 first quarter revenue included approximately $24.9 million from gaming operations and approximately $9.6 million from gaming equipment and system sales, compared with $22.0 million in revenue from gaming operations and $6.1 million from gaming equipment and system sales in the year-ago period.

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