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WMS Reports Fiscal 2013 Second Quarter Results

Stocks in this article: WMS

Cash Flow and Balance Sheet

Cash flow provided by operating activities for the six months ended December 31, 2012, increased $5.5 million to $71.2 million, reflecting higher depreciation and amortization, share-based compensation, a lower negative impact from the change in operating assets and liabilities and tax impacts, partially offset by lower net income and other non-cash items. Total receivables, net declined to $362.4 million at December 31, 2012, from $387.8 million at September 30, 2012, and compare with $405.1 million at June 30, 2012, and reflect a $44.0 million, or 36%, decrease in long-term notes receivable during the last six months. Inventory was $55.7 million, or $13.4 million lower than at December 31, 2011, primarily reflecting operational improvements and lower finished goods inventory, and was up slightly from the $53.3 million in inventory at June 30, 2012. Total current liabilities at December 31, 2012, declined $55.2 million from June 30, 2012, due to lower accounts payables and lower accrued liabilities reflecting the timing of income tax payments.

Net cash used in investing activities increased in the December 2012 six-month period to $78.0 million compared with $73.5 million for the six months ended December 2011, reflecting a $3.0 million increase in capital deployed for gaming operations equipment and $1.8 million higher expenditures for property, plant and equipment partially offset by a $0.3 million decrease in capital deployed to acquire or license intangible and other non-current assets. For the December 2012 quarter, capital expenditures for gaming operations equipment and property, plant and equipment declined by $3.1 million year over year and $20.3 million sequentially from the September 2012 quarter.

Net cash provided by financing activities was $18.5 million compared to the use of $2.3 million of cash in the prior-year six-month period primarily due to a $32.1 million decline in stock repurchase activity, partially offset by $10.0 million of lower net borrowings under the Company’s line of credit.

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