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Howard Stutz

Multimedia Games reports rise in third-quarter profits

31 July 2013

Slot machine manufacturer Multimedia Games, Inc. said Tuesday the company grew third-quarter profits after generating the company’s first sales into Atlantic City, while expanding its presence in Las Vegas.

Multimedia Games, which is headquartered in Austin, Texas, with a sales and marketing office in Las Vegas, said its net income for the quarter than ended June 30 was $8.4 million, or 28 cents per share.

In the same quarter a year ago, Multimedia Games reported net income of $7.2 million or 28 cents per share.

Analysts polled by Thomson Financial Network expected earnings of 24 cents per share.

The company said its third-quarter revenues grew 19 percent to $48.1 million.

During the quarter, Multimedia Games placed almost 1,100 new slot machines in various U.S. markets.

“We have expanded our portfolio of approved games in Nevada to 22 titles,” Multimedia Games Chief Executive Officer Patrick Ramsey said in a statement. “During the fiscal 2013 third quarter, we sold or placed 102 games in Nevada and we expect to continue our penetration into this important market.”

Shares of Multimedia Games, traded on the Nasdaq Global Select, jumped $3.37 or 11.02 percent, to close at $33.95 Tuesday.