This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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

Stocks in this article: WMS

Selling and administrative expenses in the September 2012 quarter of $34.4 million were $3.9 million lower than the year-ago period as the prior year included $4.3 million in bad debt expense related to the write-down of Mexican customer receivables. Higher marketing and incremental administrative expenses to support interactive products and services were partially offset by ongoing cost savings initiatives.

Depreciation and amortization expense was $28.0 million in the September 2012 quarter compared with $22.6 million in the year-ago quarter and $25.3 million in the June 2012 quarter. The increase primarily reflects the Company’s investment in gaming operations equipment over the last 12 months to upgrade and transition its installed base of participation units, coupled with the additional depreciation associated with the completion of a new facility plus amortization of finite-lived intangible assets from our two acquisitions in the June 2012 quarter.

Cash Flow and Balance Sheet

Cash flow provided by operating activities for the quarter ended September 30, 2012, was $21.0 million, a year-over-year increase of $7.9 million, or a 60% improvement over the prior year, reflecting higher net income, depreciation and amortization and share-based compensation, partially offset by lower other non-cash items. Total receivables, net were $387.8 million at September 30, 2012, compared with $334.6 million at September 30, 2011, which reflects the use of the Company’s financial liquidity to support customers’ efforts to refresh their slot base during a period of constrained capital for many casino operators. Total receivables, net were down from $405.1 million at June 30, 2012, reflecting the lower seasonal revenue on a quarterly sequential basis. Inventory was $52.5 million, or $11.9 million lower than at September 30, 2011, primarily reflecting operational improvements and lower finished goods inventory, and was slightly below the $53.3 million in inventory at June 30, 2012. Total current liabilities at September 30, 2012, declined $40.5 million from June 30, 2012, due to lower accounts payables and lower accrued liabilities reflecting the timing of income tax payments.

5 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • 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