Revenue, earnings rise for WMS Industries

WAUKEGAN, Illinois -- Resurgent slot machine maker WMS Industries said Tuesday revenues grew 27 percent in the third quarter to $173 million. The company also announced that Chairman Louis Nicastro was retiring on July 1.

WMS, which is based in Waukegan, Ill., reported a net income of $18.8 million in the quarter, or 32 cents a share, up from earnings of $12.9 million, or 23 cents per share, a year earlier.

WMS President and Chief Executive Brian Gamache credited the expansion of Indian gaming in California and international growth with boosting slot machine sales revenues. The company sold 1,300 more slots than it did a year ago while gaming operations revenue increased 39 percent.

Gamache, 49, will become the company's new chairman July 1, replacing Nicastro, 79, who has been a director of the company since 1974. Gamache will retain his CEO duties while Orrin Edidin, WMS' current vice president and chief operating officer, will become company president.

"During his tenure, which places him among the longest standing chairmen of any New York Stock Exchange listed company, Lou guided WMS's transformation from an amusement game company into a worldwide gaming equipment leader renowned for its innovation," Gamache said.