WMS Industries has reported fiscal 2012 first quarter (ended September 30) revenue of $155.6m and net income of $3.8m.
In the September 2010 quarter, revenue was $187.5m and net income was $19.5m. “We are already realising tangible benefits from our recent restructuring and realignment actions, which we expect will lead to a resumption of quarterly sequential financial growth in the December 2011 quarter and through the remainder of fiscal 2012,” said Brian Gamache, chairman and CEO.
“First quarter results reflect initial cost savings from these actions and we believe we are firmly on track to reduce annual operating costs by an expected $20m. In addition, product sales margins showed both year-over-year and quarterly sequential improvement to 51 per cent.”
“Importantly, we’ve now received at least one jurisdictional approval for all of the participation products that were originally expected to be commercialised in fiscal 2011. During the next several months, we expect additional approvals for these innovative products and we expect a return to a more consistent pace of approvals for other new products beginning in calendar 2012.
“The new products we demonstrated at G2E for launch during fiscal 2012 included a record number of unique math models that offer players a diverse range of unique gaming experiences. With our focus on capturing near-term revenue opportunities and an expanding flow of new products being commercialised, we anticipate building on the expected quarterly sequential improvement in December 2011 quarter’s operating results with further quarterly sequential revenue and margin improvement in the second half of this fiscal year that will also reflect a resumption of year-over-year revenue and margin growth in the March 2012 and June 2012 quarters.
“Customer response to our refocused product portfolio has been very favourable following G2E and our agreement with Caesar’s Entertainment as a launch partner for our exciting new Clue participation game in mid-calendar 2012, our selection to participate in Alberta’s VLT replacement initiative and the extension of our distribution arrangement with eBet for Australia further highlight the demand for our great gaming content and the long-term growth opportunities for WMS.”
