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For today’s call, Neil Davidson will cover our overall financial results, Ramesh will discuss operating highlights, and then I will have some overall comments before we open it up for questions. Neil, over to you.Neil Davidson Thanks, Dick. First, let me review our Safe Harbor language. Today’s call and simultaneous webcast contain forward-looking statements about Bally and our future business. These forward-looking statements are based on currently available information. Actual results could differ materially from those anticipated in the forward-looking statements and reported results should not be considered an indication of future performance. We do not intend and undertake no obligation to update our forward-looking statements, including forecast of future performance, the potential for growth of existing markets or the opening of new products for our markets, as well as future prospects and proposed new products. More information on risks and uncertainties that may affect our business and financial results or may cause us not to achieve our forecast are included in our Annual Report on Form 10-K for the year ended June 30, 2011, and other public filings we have made with the Securities and Exchange Commission. The forward-looking statements made on this call and webcast, the archived version of the webcast, and any transcripts of this call, only speak to this date October 26, 2011. Today’s call and webcast may include non-GAAP financial measures within the meaning of Regulation G. A reconciliation of all such non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in today’s press release. Today we reported our financial results for the first quarter ended September 30, 2011, and increased our expectations for fiscal 2012. First to our expectations for fiscal ’12. As we mentioned in today’s release, the volume and size of our recent systems wins have resulted in the highest value systems contract wins in the company’s history.
We are very excited with our systems backlog, which now provides us with more multi-year visibility than ever. Due to the size, nature, and complexity of several of the larger contracts, we expect revenues during the initial months to be more weighted towards services than hardware sales and software licensing.As a result of more clarity surrounding the timing of several large-scale projects including system opportunities that have contributed to strong pipeline levels in the past, and now have converted to contracts and timing around both phases of Resorts World New York. We are now setting a top end for our expectations for fiscal 2012 diluted earnings per share of $2.45. And raising the bottom end to $2.20 from $2.15. On to our quarterly earnings. Overall, net income was 20.4 million which resulted in $0.45 earnings per fully diluted share for the three month ended September 30, 2011 on revenues of 195 million. When compared to the prior year, earnings were negatively impacted by foreign currency as we experienced a loss of approximately 2.1 million, compared to a gain of 1.7 million in the prior year. On to game sales. Revenue from game sales were 64.4 million for the quarter, up 26% from 51 million in the prior year. Based on 2,329 units sold in North America during the quarter, nearly all of which were replacements, and despite our competitors not having reported yet, we believe our ship share was approximately 19 to 20%. Our North America replacement unit sales were up 24% over the first quarter last year. And we believe our ship share was up meaningfully. Average selling price for the quarter was $16,624 driven by shipments of our newer Pro Series cabinets. Game sale margins improved sequentially to 44% for the quarter. As a result of strong ASPs generated from Pro Series cabinets, the dollar margin contribution per unit was higher in this quarter when compared to the first quarter last year, even though our gross margin was 49%. Read the rest of this transcript for free on seekingalpha.com