Second-quarter revenues improve at Bally Technologies

Second-quarter revenues improve at Bally Technologies

Online and land-based casino games and solutions firm Bally Technologies Incorporated has published its financial results for the three months to the end of December showing a 13 percent rise year-on-year in total revenues to $238.3 million.

The Las Vegas firm revealed that adjusted earnings before interest, tax, depreciation and amortisation including share-based compensation for the three-month period rose by almost 21 percent year-on-year to $81 million while selling, general and administrative expenses declined to 28 percent of total revenues from 29 percent last year.

Bally Technologies stated that research and development expenses had remained ‘constant’ at eleven percent of total revenues while its operating income improved by 32 percent when compared with the same period in 2011 to $57 million.

“Our second quarter fiscal 2013 demonstrated continued momentum in all major business areas,” said Ramesh Srinivasan, President and Chief Executive Officer for Bally Technologies.

“We are excited about our scheduled product launches over the next few months including new wide-area progressive games featuring Hot Shot Progressive and NASCAR as well as the recently released Pawn Stars premium daily-fee game.

“The Elite Bonusing Suite is gaining further traction with additional customer purchases in the second quarter.

“Finally, traditional domestic replacement sales were up year-on-year for the seventh consecutive quarter based on continued acceptance of our growing library of game content and our increasing presence in video lottery.

“I am happy with Bally’s trajectory and the steadily increasing visibility we have into our near- and long-term future growth.

Bally Technologies declared that its most recent results saw its total six-month revenues amount to $473.5 million, which represented a 16.8 percent boost year-on-year, while adjusted earnings before interest, tax, depreciation and amortisation picked up by 26.6 percent when compared with last year’s first-half to $159.9 million.

“Operating margins increased to 24 percent, reflecting our ability to leverage infrastructure and continue to realise efficiencies in our supply chain,” said Neil Davidson, Chief Financial Officer for Bally Technologies.

“Further, we continued to build revenues that are recurring in nature as we set records in both wide-area progressive and systems maintenance revenues. We are thoughtfully allocating capital to invest in our growth and to enhance shareholder value.

“This quarter represents the 21st in a row that we have repurchased stock. During the second quarter, we purchased 530,000 shares of common stock for $24 million at $45.43 per share.”