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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

In fiscal 2012, Multimedia Games reported net income of $28.2 million, or $0.96 per diluted share, compared to net income of $5.7 million, or $0.20 per diluted share, in fiscal 2011.

For fiscal 2012, net capital expenditures were $45.2 million compared to $37.4 million a year ago, primarily reflecting the significant year-over-year increase in the Company’s installed base of participation units.

Balance Sheet

Multimedia Games’ cash position rose approximately $5.4 million on a quarterly sequential basis to $73.8 million as the Company generated $17.3 million in cash from operations in the fiscal 2012 fourth quarter. As of September 30, 2012, Multimedia Games was in a net cash position (total cash in excess of total debt) of $40.5 million, or $1.44 per share, compared with net cash of $33.6 million as of June 30, 2012, and net cash of $9.7 million as of September 30, 2011. The fiscal 2012 fourth quarter represents the fifteenth consecutive quarter Multimedia Games has grown net cash or reduced net debt.

The Company generated free cash flow of $3.9 million in the fiscal 2012 fourth quarter compared to free cash flow of $3.1 million in the year-ago period. Total cash generation in the September 2012 quarter was $4.3 million compared to $3.7 million a year ago. For the full fiscal year, Multimedia Games generated $29.3 million in free cash flow and $23.5 million in total cash compared to $31.2 million and $38.4 million, respectively, in fiscal 2011. Fiscal 2011 free cash flow and cash generation included a one-time benefit of $18.1 million related to a federal tax refund.

New $40 Million Share Repurchase Authorization

The Company’s Board of Directors has authorized a new share repurchase program for up to $40 million of the Company’s common stock over the next three years. The new share repurchase authorization replaces a December 2010, $15 million repurchase authorization that was due to expire in December 2013 and which had approximately $3.1 million remaining.

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