Market Overview

Bally Technologies, Inc. Reports Adjusted EPS of $1.17 and GAAP Diluted EPS of $0.75 for the First Quarter of Fiscal 2015

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LAS VEGAS--(BUSINESS WIRE)--

Bally Technologies, Inc. (NYSE: BYI)

Bally Technologies' Chief Executive Officer Richard Haddrill (Photo: Business Wire)

Bally Technologies' Chief Executive Officer Richard Haddrill (Photo: Business Wire)

  • TOTAL REVENUE INCREASES TO A FIRST QUARTER RECORD OF $321 MILLION, UP 29 PERCENT FROM PRIOR YEAR
  • ACHIEVES QUARTERLY ELECTRONIC GAMING MACHINE UNIT SALES OF 4,744, UP 19 PERCENT FROM PRIOR YEAR
  • GAMING OPERATIONS REVENUE SETS AN ALL-TIME QUARTERLY RECORD OF $106 MILLION

Bally Technologies, Inc. (NYSE: BYI) (“Bally” or the “Company”), a leader in gaming machines, table game products, casino-management systems, interactive applications, and networked and server-based systems for the global gaming industry, today announced record first quarter revenue of $321 million and Adjusted EPS of $1.17 for the three months ended September 30, 2014. Diluted earnings per share (“GAAP Diluted EPS”) was $0.75 for the period.

“We were pleased by customer responses to the launch of several new products, including the Pro Wave 360° and Pro Theater, as well as our line-up of powerhouse brands including FriendsTM and Duck DynastyTM at last month's Global Gaming Expo (G2E). During the quarter, Cash Wheel featuring Quick Hit, which was launched in September 2013, eclipsed a 1,000-unit installed base,” said Richard Haddrill, the Company's Chief Executive Officer. “We achieved record first quarter revenue and excellent overall operational results in the quarter, driven primarily by strong Electronic Gaming Machines and Gaming Operations revenue. With SHFL in the mix, we grew our international new-unit sales by 168 percent, further driving our global presence. Finally, during the quarter, we announced Ontario Lottery and Gaming Corporation (OLGC) selected Bally as its central gaming management system provider, further strengthening the long-term prospects for our Systems business.”

First Quarter Fiscal Year 2015 Highlights

     
Three Months Ended September 30,
 

2014(3)

   

%
Rev

     

2013

 

%
Rev

(in millions, except per share amounts)
Revenues:        
Electronic Gaming Machines (“EGM”) $ 94.2 30% $ 71.3 29%
Gaming Operations 106.5 33% 101.9 41%
Systems 74.3 23% 76.1 30%
Table Products 45.8 14%  
Total revenues $ 320.8 100% $ 249.3 100%
 
Gross Margin: (1)
EGM $ 48.8 52% $ 36.0 50%
Gaming Operations 72.0 68% 71.3 70%
Systems 53.3 72% 56.9 75%
Table Products 37.7 82%  
Total gross margin $ 211.8 66% $ 164.2 66%
 
Selling, general and administrative $ 93.2 29% $ 72.4 29%
Research and development costs 34.4 11% 29.5 12%
Depreciation and amortization 21.8 7%   5.3 2%
Operating income $ 62.4 19% $ 57.0 23%
GAAP Diluted EPS $ 0.75 $ 0.97
 
Non-GAAP Measures: (2)
Adjusted Operating Income $ 87.2 27% $ 62.2 25%
Adjusted EBITDA $ 116.3 36% $ 86.7 35%
Adjusted EPS $ 1.17 $ 0.96
 

(1)

Gross Margin excludes amortization related to intangible assets which are included in depreciation and amortization (“D&A”).

(2)

Adjusted Operating Income, Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, including share-based compensation and restructuring and acquisition-related costs), and Adjusted EPS are Non-GAAP financial measures. Reconciliation between GAAP and Non-GAAP measures can be found at the end of this news release.

(3)

Results for the three months ended September 30, 2014 include SHFL entertainment, Inc. (“SHFL”) and Dragonplay Ltd (”Dragonplay”).

 
 
     

 

As of September 30,
2014     2013
End-of-period installed base:
Linked progressive systems 2,378 2,522
Rental and daily-fee games 15,496 14,533
Lottery systems (1) 12,591 11,907
Centrally determined systems 29,311 33,711
Utility products 9,324 NA
Proprietary Table Games (“PTG”) 3,065 NA

Table game progressive units, table game side bets, and add-ons

5,761 NA
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