Multimedia Games increased revenue to US$28.6 million
At the same time, the company (Nasdaq: MGAM) netted a US$1.4 million loss during the quarter ended on December 31st of 2010, an improvement from the US$4.1 million negative in the same quarter 2009. Shares lost about 5 cents per share in the recent quarter, versus 15 cents net loss in the same quarter 2009.
The recent results included the impact of sale losses from three Alabama charity bingo halls closing. The facilities housed about 2,449 Multimedia Games units. Also recently, the company repurchased 394,074 shares of its common stock at an average US$5.13 per share, for total $2 million paid. The company authorized buying up to US$15 million in common stock at the same time as it announced plans to pay down about a quarter of its debt.
Early last year, officials said they were considering selling the company, saying it hired a financial adviser for a strategic alternatives planning effort "including, but not limited to, the sale of the company." It has not made any announcement regarding a sale since.
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