International edition
September 24, 2020

The loss reflects about us$ 5.9 million in non-cash charges

Multimedia Games reports loss of us$ 1.4 million

(US).- Multimedia Games swung to a loss in its fiscal fourth quarter despite higher revenue. The developer and distributor of games for the Native American gambling market lost us$ 1.4 million in the quarter that ended September 30, compared with a profit of us$ 1.4 million in its 2007 fiscal fourth quarter.

T

he loss reflects about us$ 5.9 million in non-cash charges, including reserves taken on game machines and certain third-party game licenses and the write-off of assets following the company’s review of goodwill and long-lived assets.

The company logged revenue of us$ 38.4 million, up from us$ 31.2 million a year earlier. The most recent results included a one-time bump in revenue of us$ 7 million related to the sale of nearly 500 player terminals to a tribal customer in Oklahoma. Excluding that sale, the company says its quarterly revenue is in line with what it reported in its 2007 fiscal fourth quarter.

“The fiscal 2008 fourth quarter and full year results are reflective of Multimedia’s growing installed base, which now totals more than 16,000 player terminals.

Multimedia Games President and CEO Anthony Sanfilippo says the company has recently strengthened its balance sheet by reducing outstanding borrowings. “Multimedia is now better positioned to begin generating increased cash flow as we implement new initiatives to drive revenue growth and diversification and improved profitability,” he says.

Shares of Multimedia Games rose 9.7 % on Wednesday to us$ 2.52. The stock has traded in the range of us$ 1.97 to us$ 9.78 a share in the last year.

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook