Bally Technologies Revenue Up 13% To $259m In Q3April 25, 2013 12:41 pm
Bally Technologies has now released its financial results for Q3 , revealing a 13.3% increase in revenue to $259.1 million compared to the $228.6 million taken in the same quarter last year. Furthermore, Bally’s earnings reached $60.7 million compared to its previous earnings of $50.2 million.
Founded in 1968, Bally Technologies is a Nevada-based company specializing in the manufacture of slot machines and various other gaming technology. During the third quarter Bally Technologies produced 4,923 slot machines, of which 2,842 were replacement units. This figure was an improvement on the 4,147 slots produced a year ago, although the average price per machine actually fell from $17,073 to $16,051.
Progressive games provided the biggest boost in revenue for the company, and commenting on the data, Bally’s CEO Ramesh Srinivasan, said: “Our recent premium and wide-area progressive product launches have returned strong initial performances in many different locations and the much-anticipated NASCAR wide-area progressive debuted last week.”
As well as releasing the third quarter results, Bally Technologies also took the opportunity to announce its existing $150 million share repurchase program had been replaced by a new $300 million one. The company’s existing credit facility had also been increased by $400 million to $1.1 billion in order to help facilitate the share repurchases, in addition to future acquisitions and investments.
“After funding the accelerated share buyback, we will have undrawn revolver capacity of approximately $435 million,” explained Bally’s chief financial officer Neil Davidson.
Over the past 52 weeks, shares in Bally Technologies Inc have fluctuated between $52.70 and $41.74 per share. Following news of its Q3 results, shares in Bally Technologies Inc. are currently trading up 0.39% to $49.08, giving the company a market capitalization of $2.03 billion.