Bally Technologies posts record earnings for fiscal year

Aug 21, 2008 7:12 PM

by Staff & wire reports | Bally had better be careful or it might be perceived as the Exxon of slot makers. A leader in slots, video machines, casino management systems, and networked solutions for the global gaming industry, Bally Technologies, Inc. a announced today record revenues of $247 million and $900 million, for the three and twelve months ended June 30, 2008, respectively.

"Our record fiscal year confirms that we are continuing to execute on our strategy to deliver industry-leading technology and games that perform and provide value for our customers," said Richard M. Haddrill, the company’s chief executive officer. "The steady increase in our gaming operations install base and our growing foundation of systems customers continues to drive our recurring revenues and is helping to deliver greater shareholder value. We are executing very well on innovation and delivery across all product lines."

"We are pleased with our continued strength in North American ship share and are well-positioned in this challenging replacement cycle because of our improved suite of products and our customer-centric team," said Gavin Isaacs, the Company’s Chief Operating Officer. "Our growing market share reflects the continued demand for Bally games and the strength of our Alpha-based products."

Here are some of the second quarter results, compared to the same quarter a year ago:

• Total revenues increased 22 percent to $247.4 million as compared with $202.4 million in the same period last year.

• Operating income increased by 63 percent to $56.4 million as compared with $34.6 million in the same period last year.

• Operating margin was 23 percent in the three months ended June 30, 2008 as compared with 17 percent in the same period last year.

• Net income increased by 69 percent to $31.3 million, as compared with $18.5 million in the same period last year.

• Adjusted EBITDA was $75.2 million, a 44-percent increase as compared with the same period last year.

Highlights for the fiscal year include:

• Total revenues increased 32 percent to $899.7 million as compared with $682.3 million in the same period last year.

• Operating income increased by 197 percent to $199.2 million as compared with $67.0 million in the same period last year.

• Operating margin was 22 percent in the year ended June 30, 2008 as compared with 10 percent in the same period last year.

• Net income increased by 380 percent to $107.2 million, as compared with $22.3 million in the same period last year.

• Adjusted EBITDA was $271.8 million, a 96-percent increase as compared with the same period last year.