Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) today reported operating results for its fiscal 2012 second quarter ended March 31, 2012, as summarized below:
|Summary of 2012 Q2 Results (In millions, except per share and unit data)|
|Three Months Ended March 31,|
|EBITDA (1) (2)||$||18.2||$||14.1|
|Net income (2)||$||6.8||$||1.2|
|Diluted earnings per share||$||0.24||$||0.04|
|New units sold (Multimedia Games’ proprietary units)||472||240|
|Average participation installed units (3):|
|Quarter-end participation installed units (3):|
|(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)||EBITDA and net income for the three-month period ended March 31, 2011 includes a pre-tax charge of approximately $0.2 million primarily related to certain facilities in Alabama.|
|(3)||International participation installed units reflect placements in Mexico.|
Patrick Ramsey, President and Chief Executive Officer of Multimedia Games, commented, “Our second quarter results reflect strong domestic unit sales and gaming operations revenue growth, as total revenues rose 31% year over year despite an aggregate $1.8 million decline in deferred revenues and revenues from operations in Mexico. The Company’s operating performance was driven by successful execution against key strategic initiatives such as refreshing our installed base with high-performing games, growing our installed base in existing and new markets, expanding the number of markets into which we can sell and/or place units and maintaining our focus on operating discipline. We are also beginning to benefit from operating leverage in our business as growth in operating income and net income significantly outpaced revenue growth. As a result, Multimedia Games recorded strong quarterly unit sales, its sixth consecutive quarter of domestic installed base growth, tenth consecutive quarter of operating income growth, and triple-digit net income and diluted EPS growth.”
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