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Gaming Guru

Howard Stutz

WMS Industries has profit slump

7 February 2008

LAS VEGAS, Nevada -- Slot machine maker WMS Industries said Wednesday that its net income jumped 31 percent in the second quarter.

The Waukegan, Ill.-based gambling equipment company said it had net income of $16 million, or 27 cents per share, for the three-month period ended Dec. 31, compared with $12.2 million, or 22 cents per share, a year earlier.

WMS President and Chief Executive Officer Brian Gamache credited a 34 percent increase in gaming operations revenue and 47 percent increase in international sales revenue for the jump. WMS' quarterly revenue rose 18.3 percent to $159.2 million from $134.6 million.

"WMS' product development strength remains a key factor in building our North American market and ship share, and in helping us address the challenges associated with a slow domestic replacement cycle," Gamache said in a statement.

WMS executives told gaming analysts and investors the company had raised its overall revenue projections for the second half of 2008.

Based on expected increased sales to Indian casinos in California and new racinos in Indiana, WMS now expects to have revenue of between $620 million and $632 million in the last part of the year, up from the previously predicted $595 million to $615 million.

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