Bally Tech's profits increase

Aug 18, 2009 5:06 PM
by Ray Poirier |

Despite a decline in revenues, Bally Technologies Inc. (BYI) was able to report a profit increase of 6 percent during the fourth fiscal quarter that ended on June 30.

The company said revenues were $205.1 million, down from last year’s $247.4 million but that earnings were $33.2 million of $0.58 per share compared to $31.3 million or $0.54 per share.

Prior to the announcement, analysts had indicated they expected revenues of $222.1 million and a profit of $0.55 per share.

For the full fiscal year, the company had earnings of $126.3 million or $3.33 per share, up 18 percent from the previous year’s $107.2 million or $1.85 per share.

By controlling costs, the company said, it was able to offset the decline in sales of equipment and systems.

"Despite the continued challenging economy, which has negatively impacted our customers’ capital spending, our diversified business model drove yet another very profitable quarter," CEO Richard Haddrill said.

As for the coming year, the company expects earnings to be between $2.25 and $2.50 per share.

Following the report, the company said it had received a contract from L’Arc Macau and RGB Macau to provide a number of different products for the opening of their casino this fall.

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