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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

Reflecting the strong year-over-year revenue growth in the fiscal 2012 fourth quarter, operating income rose by $2.6 million to $5.9 million and operating margin improved to 14.2% in the quarter compared to 9.3% in the year-ago period. For the fiscal 2012 fourth quarter, Multimedia Games reported net income of $8.3 million, or $0.28 per diluted share, inclusive of a $2.5 million, or $0.08 per diluted share net tax benefit, which was partially offset by a one-time charge of $1.2 million, or $0.04 per diluted share, for ongoing tax litigation related to the Company’s operations in Mexico, compared to net income of $3.1 million, or $0.11 per diluted share, in the fiscal 2011 fourth quarter.

Net capital expenditures in the fiscal 2012 fourth quarter were $13.4 million compared to $11.6 million a year ago, primarily reflecting Multimedia Games’ ongoing investment in its installed base.

Total revenue in fiscal 2012 rose $28.3 million, or 22.2%, to $156.2 million and is comprised of $112.0 million in revenue from gaming operations, $42.8 million in revenue from gaming equipment and system sales and $1.4 million in other revenue. Gaming operations revenues increased by $16.5 million, or 17.3%, from the prior year driven by a 1,291 increase in the domestic installed base and an increase in daily win per unit. The Company generated $36.3 million in revenues related to the sale of 1,961 new units in fiscal 2012 compared to revenue of $20.4 million for the sale of 1,150 units in fiscal 2011. Deferred revenues recognized in fiscal 2012 and fiscal 2011 were $2.7 million and $7.4 million, respectively.

Total operating expenses in fiscal 2012 rose $10.4 million, or 8.5%, to $132.1 million. SG&A expenses grew $7.6 million to $49.6 million while total cost of goods sold increased by $3.8 million. Fiscal 2012 and 2011 SG&A expenses included non-cash stock compensation costs of $3.4 million and $1.5 million, respectively. Depreciation and amortization expense in fiscal 2012 declined by $2.7 million from the prior year while research and development expense rose by $2.5 million.

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