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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Bally earnings meet Wall Street expectations

8 May 2009

LAS VEGAS, Nevada -- Bally Technologies said the weakened economy affected the company's third-quarter results as the slot machine maker matched analysts' estimates.

Las Vegas-based Bally said Thursday it posted a net profit of $29.3 million, or 52 cents per share, in the quarter ended March 31, down from a net profit of $30.2 million, or 52 cents a share, a year earlier.

Analysts polled by Reuters Estimates expected Bally to earn 52 cents per share.

Revenues fell 10.7 percent to $207.6 million from $232.6 million.

In addition to slot machines, Bally Technologies sells technology and systems for casino management and slot machine management.

"Our diversified business model drove another very profitable quarter despite the challenging economy," Bally Chief Executive Officer Richard Haddrill said in a statement.

Bally said Thursday it plans to introduce several new slot machine titles and products in an effort to increase sales.

"The company continues to make great strides on the video side of the business on both the domestic and international fronts," Morgan Joseph gaming analyst Justin Sebastiano said in pre-earnings note to investors.

Bally announced earnings after the close of trading on the New York Stock exchange. Shares of Bally closed at $28.52, down 71 cents, or 2.43 percent.