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Bally Technologies revenue up for quarter, fiscal year

28 Aug 2014

By Howard Stutz
LAS VEGAS -- Slot machine manufacturer Bally Technologies, Inc. increased its overall revenue in the fourth quarter and fiscal year, much of which was attributed to the company’s purchase of a rival gaming equipment provider last year.

Bally, which announced last month it was being acquired by lottery giant Scientific Games Corporation for $5.1 billion, said Wednesday its profits in both the quarter that ended June 30 and the fiscal year fell slightly compared with its 2013 totals.

Las Vegas-based Bally said its net income was $59.6 million for the quarter, or 31 cents per share. A year ago, the company’s profit was $64.6 million, or 95 cents per share.

The company reported revenue of $342.2 million in the quarter, up 29.4 percent from revenue of $264.4 million in the same quarter of 2013.

Bally’s fiscal 2014 revenue was $1.2 billion, up 21.8 percent from fiscal 2013.

Last year, the company completed a $1.3 billion buyout of table game provider SHFL entertainment.

“With SHFL in the mix, we grew our international new unit sales by 25 percent further driving our global presence,” Bally CEO Richard Haddrill said in a statement.

Bally did not conduct a quarterly conference call with analysts because of the pending deal with Scientific Games.

“Overall, fourth-quarter results don’t mean much for Bally shares as Bally is being acquired by Scientific Games for $83.30 per share,” Eilers Research founder Todd Eilers said before the earning announcement. “However, we believe Scientific Games investors will be keenly interested in how Bally performs in the quarter.”

Haddrill also credited the company gaming systems division with boosting revenue. In July Bally acquired social casino company Dragonplay, which Haddrill said “further strengthening our presence in the fast-growing social and mobile gaming platform.”

Earlier this month, New York-based Scientific Games and Bally said they received notice from the Federal Trade Commission of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The deal is being financed with debt and cash on hand. Scientific Games said it has obtained committed debt financing for the transaction, which is not subject to a financing contingency.

Federal antitrust approval is one of the conditions required as is the approval by Bally’s stockholders and gaming regulators.

Also in August, the $6.4 billion buyout of slot machine giant IGT - International Game Technology by Italy-based lottery provider GTECH Holdings received its federal antitrust approval.

Both mergers are expected to close in early 2015.

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