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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

Stocks in this article: MGAM

Summary of Fiscal 2012 Fourth Quarter and Full Year Operating Results

Multimedia Games’ fiscal 2012 fourth quarter revenue rose 15.8%, or $5.7 million, to $41.4 million, compared to revenue of $35.7 million in the fiscal 2011 fourth quarter. Fiscal 2012 fourth quarter revenue included approximately $29.6 million from gaming operations and approximately $11.4 million from gaming equipment and system sales, compared with $25.5 million in revenue from gaming operations and $9.9 million from gaming equipment and system sales in the year-ago period.

Gaming operations revenue in the fiscal 2012 fourth quarter grew 16.3% to $29.6 million, reflecting continued strong growth in the Company’s installed base of participation units and in the revenue per day performance. During the quarter, the Company grew its base of participation units by 521 units or approximately 5.1% on a quarterly sequential basis, with growth coming from all domestic markets including Oklahoma, California, Louisiana, Mississippi, and Michigan. Multimedia Games’ domestic installed base grew by 1,291 units, or 13.8%, year over year to 10,670 units. Included in the year-end participation base were 198 High Rise premium participation games deployed outside of Oklahoma, an increase of 101 units from the fiscal third-quarter end installed base.

Revenues from the Company’s New York Lottery business totaled $4.2 million for the quarter, an increase of 51% over the prior-year period. For the full fiscal year, revenues for the New York Lottery totaled $15.6 million, an increase of 66% over the prior-year revenues of $9.4 million. The increase in revenues for the fiscal fourth quarter and for the fiscal year were primarily driven by the opening of Resorts World New York in October 2011. With the one-year anniversary of the opening of Resorts World New York having occurred in October 2012, the Company expects the New York Lottery business will grow at a more measured pace in fiscal 2013.

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