Bally Technologies reports net income of $29.9 million

Apr 30, 2012 7:52 PM

With revenues increasing by 20 percent, Bally Technologies Inc. (BYI) reported net income of $29.9 million or $0.67 per share, up from last year’s $23.7 million or $0.43 per share for its third fiscal quarter.

Revenues during the period reached $228.6 million compared to $191 million last year.

An elated CEO, Richard Haddrill noted that “the past several months have been momentous.”

Not only was business expanding, but the company said it had invested $54 million to buy back its own stock and had another $57 million available for further purchases.

CFO Neil Davidson explained, “We continue to thoughtfully allocate capital to invest in our growth as well to enhance shareholder value. This quarter represents the 18th quarter in a row that we have repurchased stock.”

As for full-year guidance, the company said it had raised expectations for this year to $2.45 from the previous $2.37 per share.