WMS first quarter profit rises

For the quarter that ended September 30, WMS earned us$ 19.8 million, or 34 cents per share, compared with us$ 15.7 million, or 27 cents per share, in the year-ago quarter. Excluding a one-time charge of 2 cents per share, the company earned 36 cents per share, which is what analysts polled by Thomson Reuters were expecting.

Revenue rose 9 % to us$ 165.3 million; analysts expected us$ 168 million. Product sales revenue rose to us$ 88.8 million from us$ 87.2 million, while gaming operations revenue rose to us$ 76.5 million from us$ 64.2 million.

WMS predicted second-quarter revenue of us$ 184 million to us$ 190 million; it reported us$ 178.4 million in the previous year's second quarter. The company added that it still expects us$ 760 million to us$ 780 million in revenue for the full fiscal 2010 year.

Analysts expect us$ 195.6 million in second-quarter revenue and us$ 775.8 million in full-year revenue.

“WMS’ record fiscal first quarter financial performance, including a 26% increase in diluted EPS on a 9% increase in revenues, represents our 19th consecutive quarter of double-digit, year-over-year earnings growth. This performance continues to demonstrate that our foundation for sustainable long-term profitable growth is firmly established,” said Brian R. Gamache, chairman and chief executive officer.

“Our consistent revenue growth stemming from our broad product offering of superior performing games is complemented by our ability to drive margin enhancement from continuous improvement in our operating execution. With a clear focus on delivering excellence in industry-leading innovative and differentiated products, and in our operating performance, WMS remains poised to continue building stockholder value,” concluded Gamache.