Better times for Bally Technologies

Jun 26, 2007 8:04 AM

Investors expected that when Bally Technologies Inc. (BYI) got around to filing its financial reports for the six months ending on Dec. 31, 2006, the company would report improving business.

And they were not disappointed.

The company said that revenues for the six months reached $305.6 million, reflecting a 31% increase over the previous year’s $232.9 million.

Net loss for the period dropped to $2.7 million or $0.05 per share compared to a net loss of $17.3 million or $0.33 per share a year earlier

Helping provide an improved picture was a substantial increase in number of gaming devices sold. During the more current period, the company sold 8,099 units compared to 6,463. The unit selling price also increased to $12,363 from the previous $10,802.

Revenues from the company’s Gaming Equipment and Systems division increased 35% to $282.6 million compared with $208.8 million.

Richard Haddrill, CEO, remarked, "Our financial results for the six months ended Dec. 31, 2006 began to show the fruits of our efforts in consolidating the company’s various businesses and re-tooling the product lines. All of our principle product lines showed increases, with revenues from Gaming Equipment and from Systems increasing 49 percent and 50 percent respectively. As we continue to execute our strategy, we expect that our operating results in the second half of fiscal 2007 and fiscal 2008 will show additional improvement over our results for the first half of the fiscal year."

As for the tardy filings of financial reports, Robert Caller, chief financial officer, said that "these two filings represent another important accomplishment as we move closer to our goal of becoming a timely filer."

He added that the company would file all fiscal 2007 Form 10-K on a timely basis.