Bally’s first quarter revenue up 14 %

2011-10-28

Reading time 1:34 min

(US).- Bally Technologies announced diluted earnings per share of us$ 0.45 on revenue of us$ 195 million, for the three months ended September 30, 2011. As of today, it has us$ 64 million available under the terms of its credit agreement for share repurchases for the remainder of fiscal 2012, and us$ 116 million available under its Board-authorized share repurchase plan.

However, under the terms of the company’s credit agreement, there are no limitations on share repurchases when the Company’s debt to Adjusted EBITDA ratio is less than 2.0 times.

The company’s debt to Adjusted EBITDA ratio improved to 2.04 times as of September 30, 2011. Total debt decreased by approximately us$ 9 million since June 30, 2011.

“Our investments of recent years are beginning to pay off with good revenue growth across all three divisions and strong customer interest in a variety of our new games and systems products,” said Richard M. Haddrill, the company’s CEO. “We have many exciting initiatives to be accomplished this year and are diligently focused on exceeding customer expectations. We continue to focus on and invest in growth opportunities in a number of domestic and international jurisdictions.”

“During the quarter, we allocated free cash flow to a number of sources including our gaming operations footprint through incremental wide-area progressive placements and build-out of units for Resorts World New York, debt reduction, repurchases of our common stock, and the acquisition of MacroView Labs,” said Neil Davidson, the Company’s CFO.

“This quarter represents the 16th quarter in a row that we have repurchased stock. Since June 30, 2011, we purchased approximately 1.2 million shares of common stock for us$ 36 million at us$ 29.07 per share, of which us$ 31 million was in our first quarter,” he added.

“We placed 120 incremental wide-area progressive units during the quarter, which helped to set another all-time quarterly gaming operations revenue record,” said Ramesh Srinivasan, the company’s President and COO.

“We are particularly pleased with the feedback received from customers at this year’s Global Gaming Expo (“G2E”), where we showcased a significant depth of compelling new game content, as well as systems solutions with proven return-on-investment for gaming operators. Interest in our new games and cabinets, activity for competitive system replacements, and excitement about iVIEW DM have all picked up since G2E,” he concluded.