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Howard Stutz

 

Bally expecting to reverse 2006 losses

22 Aug 2007

By Howard Stutz

LAS VEGAS, Nevada -- Bally Technologies told Wall Street on Tuesday that it expects to reverse a net loss from 2006 when the company reports its fiscal year 2007 earnings.

The Las Vegas-based slot machine maker has spent the past 24 months restating earnings dating back to 2005.

The company plans to file its year-end report in September for the fiscal year that ended June 30. Bally said it expects overall revenue for the year to fall between $670 million and $690 million, about 20 percent higher compared with $547 million in total revenues reported in fiscal 2006.

Meanwhile, Bally said its earnings per share for 2007 will exceed 34 cents, reversing a net loss of 90 cents a share in 2006.

"We are pleased that our preliminary fiscal 2007 operating results show that the company has returned to solid profitability in the second half of fiscal 2007," Bally CFO Robert Caller said in a statement.

Analysts polled by Thomson Financial are expecting Bally to have a fiscal 2007 per-share profit of 28 cents on revenue of $684 million.

Meanwhile, Bally said it expects to grow revenue in fiscal 2008 to more than $830 million, based on continued growth in the sale of slot machines, gaming systems and revenue from its Rainbow Casino in Vicksburg, Miss.

"I am pleased with the continued revenue growth from all of our products, and our new product pipelines across all of our business lines look strong," Bally CEO Richard Haddrill said. "Further, we are making good progress on improving both gross margins and overall operating leverage."

Bally added that its expects its earning per share in 2008 to range from $1.25 to $1.55.

The company had planned to sell the Rainbow, but said Tuesday it will continue to own operate riverboat casino.

"We entertained multiple offers, but we couldn't come to an agreement to sell," Bally spokesman Marcus Prater said.

Bally announced the earnings projection after trading closed on the New York Stock Exchange. Shares in the company closed Tuesday at $27.42, up 47 cents, or 1.74 percent.

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