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Bally sees four-fold increase in FY profits
Bally Technologies, the US-based slots-to-systems gaming group, has booked a near four-fold increase in net earnings for fiscal 2008, as the company continues to grow its global customer base.
Bally, which manufactures the Alpha brand of casino slot machines, Hot Shot Progressive jackpots and a range slot management systems, said profits for the year totalled US$107.2m, up 380 per cent over the $22.3m reported in 2007.
Group revenues rose 32 per cent to $899.7m, driven by a sharp rise in the company's gaming equipment division, which accounts for 48 per cent of all business.
On an operational level, Bally sold 26,397 new gaming devices in 2008, representing a 23.5 per cent increase on the 21,371 units sold last year. Gross margins on these products increased to 45 per cent from 36 per cent last year, primarily due to improved manufacturing efficiencies resulting from the standardisation of game platforms.
Commenting on the results, Bally CFO Robert Caller said: "Reflecting continued strong demand for our products and services across all business lines despite the current economic environment, we are reaffirming our fiscal 2009 earnings per share guidance which represents estimated growth of 14 to 35 per cent over fiscal 2008."
CEO Richard Haddrill added: "The steady increase in our gaming operations, install base and our growing foundation of systems customers continues to drive our recurring revenues and is helping to deliver greater shareholder value."
