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WMS Reports Fiscal 2013 First Quarter Revenue Of $159 Million And EPS Of $0.17 Per Diluted Share

“In addition, we are generating very exciting revenue growth from our interactive products and services as we continue to invest in attractive long-term growth opportunities,” continued Gamache. “We are extremely pleased by the initial success we are achieving in leveraging the value of our library of proven gaming content into the interactive markets, including social, casual and mobile entertainment. This success is reflected in the $9 million year-over-year growth in revenue from interactive products and services, and we anticipate a range of $35-to-$40 million in annual revenue for fiscal 2013 from these revenue streams. While the costs needed to build a sustainable foundation for interactive products and services impact near-term operating profitability, we believe this investment favorably positions WMS to participate in the attractive, high-margin growth potential of these opportunities that can lead to the creation of new value for our shareholders.”

Gamache concluded, “With improved product sales ship share, terrific titles and platforms for our gaming operations business and momentum with our interactive products and services, we fully expect to generate further progress across our worldwide business in the coming quarters.”

Fiscal 2013 First Quarter Financial Review

The following table summarizes key components related to revenue generation for the three months ended September 30, 2012, and 2011 (dollars in millions, except unit, per unit and per day data):

  Three Months Ended    
September 30, Increase/(Decrease)
Product Sales Revenues: 2012   2011 Amount   %
New gaming machine sales revenues $ 60.8 $ 64.9 $ (4.1 ) (6.3 )
Other product sales revenues   27.2     22.2     5.0   22.5
Total product sales revenues $ 88.0   $ 87.1   $ 0.9   1.0
 
Average sales price per new unit $ 16,033 $ 16,574 $ (541 ) (3.3 )
New unit shipments to the U.S. and Canada 2,453 2,530 (77 ) (3.0 )
New unit shipments to International markets   1,338     1,388     (50 ) (3.6 )
Total new units on which revenue was recognized 3,791 3,918 (127 ) (3.2 )
Used unit shipments globally   1,660     2,472     (812 ) (32.8 )
Total unit shipments globally   5,451     6,390     (939 ) (14.7 )
 
Conversion kit sales globally 2,400 5,500 (3,100 ) (56.4 )
 
Gross profit on product sales revenues (1) $ 46.7 $ 44.3 $ 2.4 5.4
Gross margin on product sales revenues (1) 53.1 % 50.9 % 220bp 4.3
 
Gaming Operations Revenues:
Participation revenues $ 57.0 $ 63.3 $ (6.3 ) (10.0 )
Interactive products and services revenues 9.5 0.7 8.8 nm
Other gaming operations revenues   4.6     4.5     0.1   2.2
Total gaming operations revenues $ 71.1   $ 68.5   $ 2.6   3.8

Installed participation units at period end, with lease payments based on:

Percentage of coin-in 3,633 3,616 17 0.5
Percentage of net win 2,857 2,952 (95 ) (3.2 )
Daily lease rate (2)   3,142     3,024     118   3.9
Total installed participation units at period end   9,632     9,592     40   0.4
 
Average installed participation units 9,503 9,602 (99 ) (1.0 )
Average revenue per day per participation unit $ 65.23 $ 71.70 $ (6.47 ) (9.0 )
 
Gross profit on gaming operations revenues (1) $ 55.9 $ 54.2 $ 1.7 3.1
Gross margin on gaming operations revenues (1) 78.6 % 79.1 % (50)bp (0.6 )
 
Total revenues $ 159.1   $ 155.6   $ 3.5   2.2
Total gross profit (1) $ 102.6   $ 98.5   $ 4.1   4.2
Total gross margin (1)   64.5 %   63.3 % 120bp 1.9
 

(1) As used herein, gross profit and gross margin do not include depreciation, amortization and distribution expenses.

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