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WMS Industries' CEO Discusses F3Q12 Results - Earnings Call Transcript

This afternoon, Brian Gamache, Chairman and Chief Executive Officer, will provide an overview of recent milestones and of the third quarter results followed by Scott Schweinfurth, our CFO and Orrin Edidin, WMS' President and then we will open the call up for your questions.

Now, let me turn the call over to Brian.

Brian Gamache

Thanks, Bill, and good afternoon, everyone. WMS' fiscal third quarter results demonstrate further operating progress and quarterly sequential improvements in financial results. For the March 2012 quarter WMS generated total revenue of $176 million compared to a $193 million a year ago. Our revenues increased 9% or $14 million on a quarterly sequential basis. With a significantly improved gross profit margins and continued cost containment our operating margin grew sequentially to 18% and was about flat with the March 2011 quarter on less revenue. As a result both operating income and diluted earnings per share increased almost 50% on a quarterly sequential basis from the December 2011 quarter, with EPS excluding the $0.02 per share second quarter benefit of litigation settlement going from $0.27 per share to $0.40 per diluted share.

And cash flow confirms our operating progress as cash flow generated from operating activities is up 6% for the nine months for the comparable period a year ago. Our fiscal third quarter operating results reflect ongoing progress consistent with the sequential goals we set earlier this fiscal year. But investors should also note several key milestones that occurred during the quarter. We believe these milestones highlight the meaningful ongoing progress we are making with our strategies to build a foundation for steady and sustainable long-term growth.

These include, our quarter end installed participation base increased by more than 100 units or 1% from the December 31, 2011 quarter reversing the trend of the past seven quarters and our average revenue per day also increased. Our new CLUE themed wide area progressive game was launched in the March quarter at numerous Caesar Entertainment properties in Nevada and Atlantic City, New Jersey with open order for now over 2100 units and five new participation games expected to receive their regulatory approvals this quarter.

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