In March, we released our newest wide-area progressive game, Grease, and it's off to a fantastic start. As of today, over 170 units are in the field, with performance thus far, exceeding our expectations. Today, cannibalization of other value premium games has been very low. However, we are early in the launch process.In late May or June, we expect to begin placing our second Cash connection title, Michael Jackson, which is ahead of schedule. Key platform and hardware innovations are also paying off in our gaming equipment sales as we achieved a 22% share for new openings during the quarter. And in the fourth quarter, we expect to recognize units shipped to the 2 Ohio properties with about a 21% ship share. Finally, our iVIEW DM strategy is developing very well. The largest floor installation to date of iVIEW DM is at Mohegan Sun, with over 2,500 units. And we are making good progress on our portfolio of exciting DM applications. We now have a solid base of over 7,500 iVIEW DMs deployed across all major games manufacturers, where we are running a total of 9 DM applications. And our DM pipeline is excellent. Our outlook for our fourth quarter in fiscal 2013 looks strong. So we are again raising the bottom end of our guidance for the remainder of fiscal 2012 to $2.37 to $2.45 per share. For today's call, Neil Davidson will cover our overall financial results; Ramesh Srinivasan will discuss the operating highlights; and then I will have some overall comments before we open it up for questions. Neil, over to you. Neil P. Davidson Thanks, Dick. First, let me review our Safe Harbor language. Today's call in simultaneous webcast contains 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 markets for our products, 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, April 26, 2012. 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 release.
With that out of the way, we reported record financial results for the quarter ended March 31, 2012. And again, as Dick mentioned, raise the bottom end of our expectations for the remainder of fiscal 2012. Overall, net income for the quarter was $30 million, which resulted in all-time record quarterly earnings for continuing operations of $0.67 per fully diluted share for the 3 months ended March 31, 2012. On record, third quarter revenues of $229 million. As Dick mentioned, this marks our fifth consecutive quarter of both year-over-year revenue and earnings per share growth. In fact, including the 2 sets diluted earnings per share loss due to the impairment of certain notes receivable, our third quarter diluted earnings per share grew 56% year-over-year. Revenues from game sales were $79.3 million for the quarter, up 24% from $63.7 million in the prior year. We sold 4,147 new units during the quarter. 2,936 units were sold in North America. 635 of which were opening in expansion units and 2,301 replacement units. This marks the third quarter in a row our North America replacement unit sales were up. Average selling price for the quarter was $17,073, up 10% versus last year, driven by shipments of our newer Pro Series cabinets, which made up 89% of the sales during the quarter. Game sale margins increased to 46% from 43% last year, primarily due to mix which included higher conversion kit revenue and continued benefits from ongoing cost reduction initiatives in our Pro Series line of cabinets.Read the rest of this transcript for free on seekingalpha.com