Bally Technologies posts a net profit in quarter, down from last year
Bally Technologies said the weakened economy impacted the company’s third-quarter results as the slot machine maker matched analysts’ estimates.
Las Vegas-based Bally said Thursday it posted a net profit of $29.3 million in the quarter that ended March 31, which translated into earnings per share of 52 cents. A year ago, the company reported a net profit of $30.2 million or 52 cents a share.
Analysts polled by Reuters Estimates expected Bally to earn 52 cents per share.
During the quarter, companywide revenues fell 10.7 percent to $207.6 million, compared with $232.6 million a year ago.
In addition to slot machines, Bally Technologies sells technology and systems for casino management and slot machine management.
“Our diversified business model drove another very profitable quarter despite the challenging economy,” Bally Chief Executive Officer Richard Haddrill said in a statement.
Bally said Thursday it plans on launching several new slot machine titles and products in an effort to increase sales.
“The company continues to make great strides on the video side of the business on both the domestic and international fronts,” Morgan Joseph gaming analyst Justin Sebastiano said in pre-earnings note to investors.
Bally announced earnings after the close of trading on the New York Stock exchange. Shares of Bally closed at $28.52, down 71 cents or 2.43 percent.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
