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

In the first quarter of fiscal 2013, the Company repurchased 145,000 shares of its common stock at an average price of $13.95 per share, excluding commissions, for total consideration of approximately $2.0 million. As of December 31, 2012, the Company had approximately $38.0 million remaining under its existing $40.0 million share repurchase authorization which was announced in November 2012. Since December 2010, the Company has repurchased approximately 2.4 million of its common shares.

Adam Chibib, Chief Financial Officer, commented, “Multimedia Games entered fiscal 2013 with strong operating momentum which continues today. Our strong financial foundation allows the Company to invest in new product development, expand our total addressable market, grow our base of recurring revenue placements and return capital to shareholders through share repurchases. We ended the first quarter of fiscal 2013 with $73.3 million in cash and net cash of $40.9 million, representing a $63.7 million improvement in our net cash position since the end of fiscal 2010. Going forward, we expect to remain profitable and grow cash balances while investing in the long-term growth of our business. Based on our strong operating performance in the first quarter, we are raising our fiscal 2013 revenue, EBITDA and diluted EPS guidance.”

Updated Fiscal 2013 EPS Outlook

Reflecting the strong financial performance in the first fiscal quarter of 2013, Multimedia Games is raising its guidance for fiscal 2013. The Company now forecasts fiscal 2013 revenues in the range of $174.2-$177.1 million, representing approximately 12%-13% year over year total revenue growth. The revised revenue growth forecast assumes a 17%-27% year-over-year increase in unit sales as well as continued quarterly sequential increases in the domestic installed base. The current unit sales and installed base growth forecast for fiscal 2013 includes an expectation for a measured level of initial unit deployments into Nevada beginning in the second half of the fiscal year.

Revised Fiscal 2013 Guidance

(In millions, except per-share)
Twelve Months Ended September 30, 2013

Revised Guidance

Original Guidance, as adjusted (1)

Original Guidance (2)
Revenue $ 174.2-177.1 $ 165.6-170.2 $ 165.6-170.2
EBITDA $ 81.0-84.0 $ 76.6-79.2 $ 76.6-79.2
Diluted earnings per share $ 0.79-0.84 $ 0.74-0.79 $ 0.60-0.65
(1)   Represents Company guidance for fiscal 2013 provided on November 15, 2012, with diluted earnings per share guidance adjusted to reflect a 48-month depreciation schedule for Multimedia Games’ gaming operations units.
(2) Represents Company guidance for fiscal 2013 provided on November 15, 2012, which reflected a 36-month depreciation schedule for Multimedia Games’ gaming operations units.

The Company now expects to generate EBITDA, a non-GAAP financial measure, of $81.0-$84.0 million in fiscal 2013, representing growth of approximately 14%-18% over total fiscal 2012 EBITDA of $71.1 million.

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