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Multimedia Games’ First Quarter Revenue Increases 27% To $44.3 Million; EBITDA Rises 31% To $21.4 Million

Stocks in this article: MGAM

Summary of Fiscal 2013 First Quarter Operating Results

Multimedia Games’ fiscal 2013 first quarter revenue rose 27.3%, or $9.5 million, to $44.3 million, compared to revenue of $34.8 million in the fiscal 2012 first quarter. Fiscal 2013 first quarter revenue primarily consisted of approximately $30.0 million from gaming operations and approximately $14.0 million from gaming equipment and system sales, compared with $24.9 million in revenue from gaming operations and $9.6 million from gaming equipment and system sales in the year-ago period.

Gaming operations revenue in the fiscal 2013 first quarter grew 20.4% year over year to $30.0 million, reflecting continued growth in both the Company’s installed base of participation units and the revenue per day performance of those units. During the quarter, Multimedia Games grew its base of participation games by 518 units, or approximately 4.9%, on a quarterly sequential basis, with growth coming from all major domestic markets served by the Company including Oklahoma, Louisiana, Washington, New York and California. Multimedia Games’ domestic installed base increased 1,555 units, or 16.1%, year over year to 11,188 units. Included in the quarter-end participation base were 318 High Rise Games premium participation units deployed outside of Oklahoma, an increase of 120 units, or 60.6%, on a quarterly sequential basis. Revenues from Multimedia Games’ New York Lottery business totaled $3.8 million for the quarter, an increase of 17.8% over the prior-year period. More modest growth is expected for the remainder of fiscal 2013 reflecting the one year anniversary of the opening of Resorts World in October 2012.

Gaming equipment and system sales in the fiscal 2013 first quarter increased 46.0% to $14.0 million, from $9.6 million in the prior-year period. During the quarter, the Company recorded revenue of $12.0 million related to the sale of 644 new units and $1.3 million in revenue related to parts and equipment sales, compared to $7.5 million in revenue related to the sale of 408 new proprietary units and $1.5 million related to parts and equipment sales in the year-ago period. Louisiana, which benefited from a sale of 150 new units to a single customer’s new facility, Washington and Florida were Multimedia Games’ top three markets for product sales, representing approximately 52% of total unit sales. In all, the Company sold units into 17 states in its fiscal 2013 first quarter, with the order for 150 units for a new casino opening in Louisiana representing the Company’s largest sales order in several years. There was $0.7 million and $0.6 million of deferred revenues for the sale of player stations and systems in a prior-year period recognized in the fiscal 2013 and fiscal 2012 first quarter periods, respectively.

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