Bally Technologies sets quarterly records for revenue, earnings
Las Vegas-based Bally Technologies — a leading manufacturer of slot machines and gaming management systems and operator of wide-area progressive slot systems — reported its fourth-quarter earnings today.
Company: Bally Technologies Inc. (NYSE: BYI)
Revenue: $264.4 million (up 7.6 percent from the fourth quarter of 2012)
Earnings: $64.6 million (up 32.4 percent from the fourth quarter of 2012)
Earnings per share: 95 cents (up 55.7 percent from the fourth quarter of 2012). The company said revenue, earnings and earnings per share were all quarterly records. The fourth quarter was the eighth consecutive quarter of year-over-year earnings-per-share growth.
Quote: “Fiscal 2013 was a truly momentous year in Bally’s history. We made enormous progress in many different ways, including continued growth in wide-area progressive units; record gaming operations revenue; significant success in new markets like Canada, Illinois and South Africa; establishing new revenue records in systems while setting up systems for further growth in the years ahead; and the launch of Bally content in regulated online jurisdictions. These achievements position us well for continued growth in fiscal 2014 and beyond.” — Bally President and CEO Ramesh Srinivasan
What it means: Bally completed its 2013 fiscal year with a record systems revenue of $252 million, a 19 percent increase over the previous year.
The wide-area progressive base grew by 38 percent and produced record revenue for the year.
For the quarter, record revenue from progressive game operations and the sale of gaming systems offset an 8 percent decline in slot machine sales. Executives said game sales were down because fewer casinos opened this year.
The company is anticipating this year’s Global Gaming Expo convention in Las Vegas in September will be the best ever for Bally, with three new brands expected to be unveiled. The company recently unveiled its new Michael Jackson-themed slot machine, Wanna Be Startin’ Somethin’.
Executives said while the company’s new NASCAR-themed slot machine has been a commercial disappointment, the Michael Jackson slot — the second using the pop singer’s likeness — is expected to be a big seller.
Bally continues to be on track for its $1.3 billion acquisition of Shfl Entertainment announced in July.