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Multimedia Games’ Fourth Quarter Revenue Rises 15.8% To $41.4 Million; Diluted EPS Of $0.28, Inclusive Of $0.04 Net Benefit From Taxes And Other Items

Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) today reported operating results for its fiscal 2012 fourth quarter and full year ended September 30, 2012, as summarized below. In addition, the Company provided fiscal 2013 guidance for several financial metrics, including diluted EPS of $0.60-$0.65, which represents a year-over-year increase of approximately 12%-21% over fiscal 2012 pro-forma diluted EPS when applying a 38% tax rate for fiscal 2012.

Summary of 2012 Q4 and Fiscal Year Results

(In millions, except per-share and player terminal data)
   

Three Months Ended September 30,

Twelve Months Ended September 30,
2012   2011 2012   2011
Revenue $ 41.4 $ 35.7 $ 156.2 $ 127.9
EBITDA (1) $ 17.4 $ 15.6 $ 71.1 $ 55.0
Operating income (2) $ 5.9 $ 3.3 $ 24.1 $ 6.2
Net income (3) $ 8.3 $ 3.1 $ 28.2 $ 5.7
Diluted earnings per share (3) $ 0.28 $ 0.11 $ 0.96 $ 0.20
 
New units sold 538 458 1,961 1,150
 
Domestic participation installed units:
Average 10,420 9,128 9,896 8,806
Quarter-end 10,670 9,379
 

(1)
 

EBITDA is defined as net income 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)

Operating income for the three and twelve month periods ended September 30, 2012 include a non-recurring pre-tax charge of $1.2 million. Operating income for the three and twelve month periods ended September 30, 2011 include non-recurring charges totaling $1.2 million and $2.0 million, respectively.
 

(3)

Net income and diluted earnings per share for the three and twelve month periods ended September 30, 2012 include a net benefit of $1.3 million, or $0.04 per diluted share, and $2.8 million, or $0.09 per diluted share, respectively. Net income and diluted earnings per share for the three and twelve month periods ended September 30, 2011 include net charges of $1.2 million, or $0.04 per diluted share and $1.2 million, or $0.04 per diluted share, respectively.
 

Patrick Ramsey, President and Chief Executive Officer of Multimedia Games, commented, “Multimedia’s fourth quarter and full year 2012 results reflect continued success in developing high performing gaming products and further progress with expanding our total addressable market. Highlights from the fiscal 2012 fourth quarter include a 5% quarterly sequential and 14% year-over-year increase in our domestic installed base, strong quarterly unit sales in a record 16 states and a doubling of our installed base of premium participation High Rise Games® to 198 units. As a result, we generated another period of strong financial performance marked by year over year operating income, EBITDA and net income growth, each of which outpaced the 16% revenue growth achieved in the quarter.

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