Bally Technologies, Inc, a leader in slots, video machines, casino management, mobile applications, and server-based systems for the global gaming industry, announced yesterday diluted earnings per share from continuing operations of US$0.51 and US$1.82 on revenue of US$214 million and US$758 million for the three months and year ended June 30, 2011, respectively. The current quarter was negatively affected by debt extinguishment costs of US$0.05 per diluted share related to the Company refinancing its credit facility to decrease borrowing costs and to repurchase 9.9 million shares of its common stock in a tender offer completed in May 2011.
“The highlight of Bally’s fiscal 2011 was the positioning we accomplished for the future,” said Richard M. Haddrill, the Company’s Chief Executive Officer. “We grew gaming operations revenue by 11 percent and established a strong base of innovative games going forward. We also successfully commercialized two major new product lines, our ALPHA 2™ gaming platform, and the iVIEW DM™ floor-wide network. Further, we invested in key new customers and markets, such as Australia and Italy, which should provide good revenue and earnings growth in the current and future years.”
Bally placed over 500 Cash Wizard units in the fourth quarter and achieved record annual (US$319 million) and quarterly (US$82 million) gaming operations revenue. Systems revenue (US$59 million) and maintenance revenue (US$17 million) were also a quarterly record.
“We placed more than 500 Cash Wizard games, our first ALPHA 2 premium game with a spinning-wheel bonus, and we began reinvesting in our wide-area progressives in the June quarter,” said Ramesh Srinivasan, the Company’s President and Chief Operating Officer.
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“This reinvestment was led by the launch of Betty Boop’s Love Meter™, as well as Money Vault™, the first title on our new Pro Series Hammerhead™ cabinet. Our initiatives further substantiate Bally’s leadership in the gaming operations business. Playboy Hot Zone™, our first ALPHA 2 for-sale game, is also off to a strong start. “
“During fiscal 2011 we intensified our focus on creating long-term value for our shareholders by repurchasing nearly $475 million worth of our common stock, of which $398 million was via a modified ‘Dutch auction’ tender we completed in May 2011,” said Neil Davidson, the Company’s Chief Financial Officer. “In addition, we successfully closed on our new $700 million credit facility during the quarter to increase our financial flexibility and lower the rate on our borrowing costs.”
Ramesh Srinivasan commented, “We are particularly excited about this year’s Global Gaming Expo, where we will showcase a diverse library of ALPHA 2 for-sale and participation titles, including several new titles for the Pro Series™ Curve, which we began selling during the quarter. We will also debut several new Elite Bonusing Suite™ applications and other systems products.” (E-08.12.11)
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