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TheStreet Open House

Multimedia Games’ Fiscal 2013 Fourth Quarter Revenue Rises 22% To A Record $50.4 Million

Stocks in this article: MGAM

Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) today reported record operating results for its fiscal 2013 fourth quarter and full year ended September 30, 2013, as summarized below:

 

Summary of 2013 Q4 and Fiscal Year Results(In millions, except per-share and player terminal data)

 
     

Three Months Ended September 30,

     

Twelve Months Ended September 30,

  2013       2012   2013       2012
Revenue $ 50.4 $ 41.4 $ 189.4 $ 156.2
Operating income (1) $ 13.0 $ 5.9 $ 52.4 $ 24.1
Net income (2) $ 10.0 $ 8.3 $ 34.9 $ 28.2
Diluted earnings per share (2) $ 0.32 $ 0.28 $ 1.14 $ 0.96
 
EBITDA (3) $ 25.3 $ 17.4 $ 95.7 $ 71.1
 
Units sold 807 538 2,678 1,961
 
Domestic participation installed units:
Average 12,154 10,420 11,631 9,896
Quarter-end 12,440 10,670
 
(1)     Operating income for the three and twelve month periods ended September 30, 2012 includes a non-recurring pre-tax charge of $1.2 million.
(2) Net income and diluted earnings per share for the three and twelve month periods ended September 30, 2013 include a non-recurring net tax benefit of $1.1 million, or $0.04 per diluted share for the release of an income tax reserve related to the Company’s 2007 income tax audit in Mexico. Net income and diluted earnings per share for the three and twelve month periods ended September 30, 2012 include a net benefit of $1.3 million, or $0.04 per diluted share, and $2.8 million, or $0.09 per diluted share, respectively.
(3) EBITDA is defined as net income before net interest expense, income taxes, depreciation, amortization and accretion of contract rights. A reconciliation of EBITDA to net income, the most comparable Generally Accepted Accounting Principles (“GAAP”) financial measure, can be found attached to this release.

Patrick Ramsey, President and Chief Executive Officer of Multimedia Games, commented, “We generated record financial and operating results in fiscal 2013 based on the growing acceptance of our expanding portfolio of for-sale and participation games as well as our further success in increasing the markets we can address. Revenue eclipsed $50 million for the first time in the fiscal 2013 fourth quarter as we again deployed over 1,000 new revenue units, while full-year revenue neared $190 million driven by a 37% increase in our total new revenue units deployed to over 4,400 units. Year-over-year growth in EBITDA of 45% and 35% in the fiscal 2013 fourth quarter and full year periods, respectively, outpaced the year over year revenue growth, again reflecting the strong operating leverage in our business. Overall, the strong fiscal fourth quarter and full year performance demonstrates our team’s continued successful execution of our strategies for growth.

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