This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Total operating expenses for the fiscal 2012 first quarter rose $1.3 million, or 4.2%, to $31.0 million. Selling, general and administrative (“SG&A”) expenses were essentially flat at $11.5 million and $11.4 million in the fiscal 2012 and fiscal 2011 first quarter periods, respectively, while total cost of goods sold increased by $1.0 million. SG&A for the fiscal 2012 and fiscal 2011 first quarter periods include non-cash stock compensation costs of approximately $0.6 million and $0.5 million, respectively. Depreciation and amortization was down slightly to $9.7 million from $10.0 million in the prior-year period while research and development of $3.6 million in the December 2011 quarter compares to $3.2 million recorded in the prior-year period.

Reflecting the year-over-year revenue growth generated in the fiscal 2012 first quarter, Multimedia Games reported net income of $5.8 million, or $0.21 per diluted share, compared to a net loss of $1.4 million, or $0.05 per diluted share, in the fiscal 2011 first quarter. Fiscal 2012 first quarter net income and diluted EPS include a $1.0 million, or $0.04 per diluted share, income tax benefit related to a federal income tax refund and a gain on the sale of used equipment back to the original manufacturer totaling $0.9 million, or $0.03 per diluted share. Fiscal 2011 first quarter net income and diluted EPS included income tax expense of $0.1 million.

For the fiscal 2012 first quarter, net capital expenditures were $8.0 million compared to $9.1 million a year ago (definition of “net capital expenditures” is provided below).

Balance Sheet Continues to Strengthen

During the fiscal 2012 first quarter, the Company reduced total outstanding borrowings by approximately $0.9 million to $36.1 million and, as of December 31, 2011, total cash was $53.7 million. As a result, Multimedia Games was in a net cash position (total cash in excess of total debt) of $17.7 million as of December 31, 2011, compared with a net cash position of $9.7 million as of September 30, 2011, and a net debt position of $18.2 million as of December 31, 2010. The fiscal 2012 first quarter represents the twelfth consecutive quarter Multimedia Games has grown net cash or reduced net debt.

4 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs