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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

Gaming operations revenue in the fiscal 2012 first quarter grew 13.2% to $24.9 million reflecting year-over-year improvements in all of the domestic markets where the Company has installed machines, which more than overcame the $1.0 million year-over-year decline in revenues from Mexico operations. The year-over-year revenue increase primarily reflects a 1,064 unit increase in the Company’s average installed base for the fiscal 2012 first quarter compared to the fiscal 2011 first quarter. The domestic installed base rose 254 units, or 2.7%, on a quarterly sequential basis, with unit growth coming from all of the Company’s domestic markets. The strong growth also includes a 60.4%, or $1.2 million, year-over-year rise in revenues related to the Company’s operation of the central determinant system for the New York Lottery.

Gaming equipment and system sales in the fiscal 2012 first quarter increased 57.6% to $9.6 million, from $6.1 million in the prior-year period. During the quarter, the Company recorded revenue of $7.5 million related to the sale of 408 new units and $1.5 million in revenue related to parts and equipment sales. Multimedia Games sold units into ten markets in the fiscal 2012 first quarter, including Arkansas for the first time. Washington and California remained key markets with a total of 216 units sold and unit sales also continued to increase in markets such as Mississippi and Iowa. Gaming equipment and system sales in the 2011 first quarter included $3.4 million in revenue related to the sale of 201 new proprietary units and $1.1 million related to parts and equipment sales. There was $0.6 million and $1.6 million of deferred revenues for the sale of player stations in a prior-year period recognized in the fiscal 2012 and fiscal 2011 first quarter periods, respectively.

Other revenue, primarily comprised of service revenue, was approximately $0.3 million in the fiscal 2012 first quarter compared to $0.5 million in the fiscal 2011 first quarter.

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