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| BALLY TECHNOLOGIES, INC. REPORTS RECORD QUARTERLY DILUTED EPS ON RECORD THIRD QUARTER REVENUE Posted: 27 Apr 2012 03:30 PM PDT
THIRD QUARTER REVENUE UP 20 PERCENT TO $229 MILLION WITH DILUTED EPS OF $0.67 WIDE-AREA PROGRESSIVE INSTALLED BASE GROWS 54 PERCENT AND SETS RECORD QUARTERLY REVENUE, DRIVEN BY 127 INSTALLS OF GREASE™ IN MARCH COMPANY REPURCHASES $54 MILLION WORTH OF STOCK SINCE DECEMBER 31, 2011 ANTICIPATES RECORD FOURTH QUARTER DILUTED EPS AND UPDATES FISCAL 2012 DILUTED EPS GUIDANCE TO $2.37 TO $2.45  Richard M. Haddrill, the Company's Chief Executive Officer LAS VEGAS, April 26, 2012 — Bally Technologies, Inc. (NYSE: BYI), a leader in slots, video machines, casino management, interactive applications, and networked and server-based systems for the global gaming industry, today announced record quarterly diluted earnings per share from continuing operations ("Diluted EPS") of $0.67 on third-quarter record revenue of $229 million for the three months ended March 31, 2012. Diluted EPS was $1.65 on revenue of $634 million for the nine months ended March 31, 2012. "The past several months have been momentous, with DM Tournaments™ helping set two GUINNESS WORLD RECORDS®, numerous product awards received, and record attendance at our Systems Users Conference," said Richard M. Haddrill, the Company's Chief Executive Officer. "Most importantly, our third quarter financial and operating results are showing the payoffs from multiple investments as we execute on our growth initiatives. Bally continues to have a bright future as we partner with our customers to innovate the gaming experience.""We continue to thoughtfully allocate capital to invest in our growth, as well as to enhance shareholder value," said Neil Davidson, the Company's Chief Financial Officer. " This quarter represents the 18th quarter in a row that we have repurchased stock. Since December 31, 2011, we purchased approximately 1.2 million shares of common stock for $54 million at $45.69 per share, of which $41 million was in our third quarter, all while remaining under two turns of leverage."As of today, the Company has approximately $57 million available under its Board-authorized share repurchase plan. Additionally, the Company's leverage ratio remains below 2.0 times, which leaves the Company's share repurchases unrestricted under the terms of its credit agreement. "This quarter's operating results are a testament to our continuing progress in all major business areas. Our ALPHA 2 Pro Series™ titles are performing well in various parts of the world, our gaming operations installed base is expanding driven by products like GREASE, and our Systems business continues to move forward at a healthy pace both in terms of product improvement and the number of new customers joining the Bally Systems family every month, " said Ramesh Srinivasan, the Company's President and Chief Operating Officer. "GREASE, our latest wide-area progressive, reached an install base of 127 units, with better-than-expected initial performance. Overall wide-area progressive revenues set a quarterly record, and overall wide-area progressive revenue-per-day exceeded $100 per unit during the quarter. Highlights of Certain Results for the Three Months Ended March 31, 2012 Overall Total revenue increased 20 percent to a third-quarter record of $229 million as compared with $191 million last year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, including share-based compensation), a non-GAAP financial measure, increased 22 percent to $74 million as compared with $61 million last year. Selling, general and administrative expenses ("SG&A") declined to 28 percent of total revenues from 30 percent last year. SG&A increased $6 million primarily due to an increase in payroll to support key new markets and includes a $1.8 million impairment on notes receivable related to development financing. Research and development expenses ("R&D") decreased to 11 percent of total revenues compared to 12 percent last year, with revenues growing faster than R&D expense growth, as past R&D efforts begin to pay off with increased product acceptance among our customer base. Operating income increased 32 percent to $50 million compared with $38 million last year. Operating margin increased to 22 percent from 20 percent last year. Diluted EPS increased 56 percent to an all-time record $0.67 from last year's $0.43. Gaming Equipment Revenues increased 24 percent to $79 million as compared with $64 million last year, driven by higher unit sales and ASP. ASP of new gaming devices increased 10 percent to $17,073 per unit from $15,556 last year, primarily as a result of product mix and an increase in ASP from international sales. New-unit sales to international customers were 29 percent of total new-unit shipments. Gross margin increased to 46 percent from 43 percent last year, primarily due to mix and cost reductions on certain models of the Pro Series line of cabinets. Additionally, the prior year included certain write-downs related to older technology platforms. Gaming Operations Revenues increased 12 percent to a record $264 million as compared with $236 million last year, driven by growth in the installed base of premium and wide-area progressive games, as well as placement of games at the recently opened Resorts World Casino New York. Gross margin was flat at 72 percent. Systems Revenues increased 16 percent to $156 million as compared with $134 million last year. Maintenance revenues increased to a record $55 million as compared with $48 million last year. Gross margin was flat at 74 percent. Hardware sales were 33 percent of systems revenues, and software and service sales were 32 percent, as compared to 37 percent for hardware and 27 percent for software and services in the same period last year. Fiscal 2012 Business Update The Company updated its fiscal 2012 guidance for Diluted EPS to a range of $2.37 to $2.45, which includes $1.65 per diluted share earned during the first nine months of fiscal 2012. The Company has provided this earnings guidance for fiscal 2012 to give investors general information on the overall direction of its business at this time. The guidance provided is subject to numerous uncertainties, including, among others, overall economic and capital-market conditions, the market for gaming devices and systems, changes in gaming legislation, the timing of new jurisdictions and casino openings, the timing and completion of new systems installations, competitive product introductions, complex revenue-recognition rules related to the Company's business, and assumptions about the Company's new product introductions and regulatory approvals. The Company does not intend and undertakes no obligation to update its forward-looking statements, including forecasts, potential opportunities for growth in new and existing markets, and future prospects for proposed new products. Accordingly, the Company does not intend to update guidance during the quarter. Additional information about the factors that could potentially affect the Company's financial results included in today's press release can be found in the Company's Annual Report on Form 10-K and quarterly reports on Form 10-Q. Adjusted EBITDA is a supplemental non-GAAP financial measure used by the Company's management and by some industry analysts to evaluate the Company's ability to service debt, and is used by some investors and financial analysts in the gaming industry in measuring and comparing Bally's leverage, liquidity, and operating performance to other gaming companies. Adjusted EBITDA should not be considered an alternative to operating income or net cash from operations as determined in accordance with GAAP. Not all companies calculate Adjusted EBITDA the same way, and the Company's presentation may be different from those presented by other companies. Earnings Conference Call and Webcast As previously announced, the Company is hosting a conference call and webcast today at 4:30 p.m. EDT (1:30 p.m. PDT). The conference-call dial-in number is 800-215-2410 or 617-597-5410 (International); passcode "Bally". The webcast can be accessed by visiting BallyTech.com and selecting "Investor Relations." Interested parties should initiate the call and webcast process at least five minutes prior to the beginning of the presentation. For those who miss this event, an archived version will be available at BallyTech.com until May 26, 2012. About Bally Technologies, Inc. With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates, and distributes advanced technology-based gaming devices and systems worldwide, as well as interactive and mobile solutions. Bally's product line includes reel-spinning slot machines, video slot machines, wide-area progressives, and Class II, lottery, and central determination games and platforms. Bally also offers an array of casino management, slot accounting, bonusing, cashless, and table-management solutions. Additional Company information, including the Company's investor presentation, can be found at BallyTech.com. Connect with Bally on Facebook, Twitter, YouTube and LinkedIn. This news release may contain "forward-looking" statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created thereby. Forward looking-statements are subject to change and involve risks and uncertainties that could significantly affect future results, including those risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Although the Company believes any expectations expressed in any forward-looking statements are reasonable, future results may differ materially from those expressed in any forward-looking statements. The Company undertakes no obligation to update the information in this press release except as required by law and represents that the information For further detail please visit http://news.ballytech.com/     |
| Poker Enthusiasts to Square Off Against WSOP Main Event Champion Jamie Gold Posted: 27 Apr 2012 03:06 PM PDT Las Vegas, NV: April 25, 2012 This April, players on FreeGoldPoker.com have the chance to win a seat in the first Gold'N Bounty Tournament. Qualifiers will not only compete for a cash prize alongside WSOP Main Event Champion Jamie Gold, they will also vie for a $250 bounty prize awarded to the player who knocks the champ out of the game. The free tournament is open to all registered players on the Zen network. Qualifiers are running now through Sunday with the Championship round on Sunday, April 29th. Jamie donates 10 percent of all profits from ad revenue to various charities. Mr. Gold is very busy these days, recently filming 100 original hours of poker programming worldwide; Jamie Gold won the largest Poker Prize in history. Beating out 8,772 opponents in an $87,000,000 prize pool, he was awarded $12,000,000 for the WIN. Gold transitioned from his work as a Hollywood agent toward professional poker in 2005 after tournament winnings of $100,000 in 6 months as a part time enthusiast. Following his win he may be best known as “The Poker Philanthropist” for hosting and attending over 100 charity events and helping to raise 170 million dollars for worldwide causes. "I am excited to participate in the Gold'N Bounty Tournament series. Playing with and against professional poker players helped elevate my game and I believe that this site can help do that for other players.” This tournament series will be fun, pay out 14 finishers, and its free to play as always, why not try to knock me out and cash in" says Gold. Gold'N Bounty Qualifier tournaments are scheduled multiple times daily. Players interested in winning a chance to play vs. Gold in the April 29th championship can register at www.FreeGoldPoker.com. You can follow all of Jamie's adventures on Twitter @RealJamieGold. FreeGoldPoker® features competitive, U.S. legal tournaments, a robust promotions schedule and a common pool of up to $100,000 in monthly cash and prizes! For More Information Please Contact: randy@ppipoker.com
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