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Multimedia Games' CEO Discusses F2Q 2012 Results - Earnings Call Transcript

Stocks in this article: MGAM

As noted in our press release this morning, our growth this quarter was significant and diversified. Said differently, we grew in every market outside of Mexico. First, we saw very strong results in our core Oklahoma market, where revenue increased 11% year-over-year from $15.3 million to $17 million. I believe this growth was driven by several factors.

First and foremost, we saw some very strong business results from our largest customer, the Chickasaw Nation, which was likely a result of the combination of factors that typically drive operating results, smart marketing, a focus on customer service and the effective usage of the amenities, as well as the benefits from our investments and new product development over the last few years. We’ve been investing millions of dollars in our footprint there. So we were able to capitalize on their growth as our machines continued to yield better results year-over-year.

Outside of the Chickasaw Nation, our results in Oklahoma were also impressive. Our footprint increased almost 300 units year-over-year as we continue to gain traction around many parts of the state through our own product expansion. Outside of Oklahoma, I won’t go through each and every market, but I’ll tell you that overall, the results are incredibly positive.

The New York Lottery has clearly been a big driver for us, but there are other great stories as well. We are seeing growth rates in our gaming operations revenue of well over 100% in several parts of the country, and thanks to those strong products and relationships in those regions. They are becoming significant revenue sources for us.

As for our sales business, we were conservative in adjusting our annual guidance after our first quarter. However, given another strong quarter where we essentially doubled our sales revenue year-over-year, and given our visibility into our third quarter, we have decided to significantly raise our annual EPS estimate to a level of approximately three times that we have projected before we began the year.

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