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Bally Technologies reports results

15 Mar 2007

LAS VEGAS, Nevada – (PRESS RELEASE) -- Bally Technologies, Inc. (NYSE: BYI) announced today the filings of its Form 10-Q for the fiscal quarter ended March 31, 2006 and its Form 10-K for the fiscal year ended June 30, 2006.

Total revenues grew to $547.1 million in fiscal 2006 compared with $483.1 million recorded in fiscal 2005. Gaming Equipment and Systems revenues in fiscal 2006 increased by $63.4 million to $494.5 million compared with $431.1 million recorded in fiscal 2005.

The Company recorded a net loss of $46.1 million for fiscal 2006 compared with a net loss of $22.6 recorded in fiscal 2005.

The loss of $46.1 million in fiscal 2006 includes the impact of several items, including $15.6 million of impairment charges related to certain patents and other intangibles; a $3.0 million write-down of prepaid royalties related to licensed game themes; $14.2 million of inventory and related asset write-downs; an increase in depreciation expense of $15.4 million related to changes in the useful life and salvage value for certain gaming equipment that were charged to the cost of gaming equipment; and $12.9 million of share-based compensation expense. The Company also incurred significant costs associated with previously disclosed legal and accounting matters.

The Company's interest expense in fiscal 2006 was $27.5 million, an increase of $9.2 million over fiscal 2005. This increase is primarily attributable to higher average market rates of interest compared with fiscal 2005 as well as $2.2 million in charges for bank facility amendments relating to the extended due dates for the delivery of financial statements.

"Our core operations in the latter half of fiscal 2006 began to reflect the impact of our new products in the market and also reflect the strong results of our Systems products," said Richard Haddrill, Chief Executive Officer. "Total revenues in the third quarter and fourth quarter of fiscal 2006 increased by 28 percent and 33 percent, respectively, as compared with the corresponding period of the prior year. We remain pleased with the results of our technology integration and product retooling, which resulted in significant charges in fiscal 2006 and fiscal 2005. As previously disclosed, we currently expect total revenue in fiscal 2007 to exceed $670 million."

Robert C. Caller, Chief Financial Officer, said, "The completion of these reports is a big step in our efforts to get back to a normal filing cycle and represents our fourth and fifth major filings in less than five months. We will now focus our energy on the completion of the Form 10-Qs for the quarterly periods ended Sept. 30, 2006 and Dec. 31, 2006."

With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates and distributes advanced gaming devices, systems and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide-area progressives and Class II, lottery and central determination games and platforms. As the world's No. 1 gaming systems company, Bally also offers an array of casino management, slot accounting, bonusing, cashless and table management solutions. The Company also owns and operates Rainbow Casino in Vicksburg, Miss.

 
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