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Howard Stutz

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Bally Technologies sees net profit increase 54 percent

13 Aug 2010

By Howard Stutz
LAS VEGAS, Nevada -- Slot machine maker Bally Technologies said Thursday its net profit increased 54 percent in the fourth quarter thanks to the sale of its casino in Mississippi.

Las Vegas-based Bally said its net income in the three-month period that ended June 30 was $51 million, or 89 cents per share. A year ago, the gaming equipment provider said its net income was $33.2 million, or 58 cents per share.

The $80 million sale of the Rainbow Casino in Vicksburg, Miss., to Isle of Capri Casinos in June earned the company 38 cents per share.

Without the sale of Rainbow, Bally would have earned 55 cents per share, a penny less than the estimates of analysts polled by Thomson Reuters.

During the quarter, Bally said revenue fell to $195.2 million from $195.9 million in the same quarter of 2009.

"While market conditions remain challenging, Bally has been committed over the past two years to heavily investing in research and development to strongly position the company for the future," Bally Chief Executive Officer Richard Haddrill said in a statement. "We now have a strong and diverse profile of premium participation games."

Bally sold fewer slot machines in the quarter.

Also, Bally announced that Chief Financial Officer Robert Caller will retire and be replaced by Neil Davidson, who is currently the company's chief accounting officer.

Davidson has been with Bally since 2006.

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