Wednesday, Bally Technologies, Inc. (BYI), said that its profit for the second quarter marginally declined from the year-ago period on lower revenue. Earnings, however, came in-line with expectations. The company also reaffirmed its earnings outlook for the full year 2010.
Las Vegas, Nevada-based Bally's net income attributable to the company marginally declined to $33.2 million from $33.5 million in the year-ago period. On a per share basis, net profit decreased to $0.58 from $0.59 in the year-ago period. Prior year quarter earnings benefited from a $0.03 gain from insurance reimbursement which reduced selling, general and administrative expenses.
On an average, 13 analysts polled by Thomson Reuters expected earnings of $0.58 for the quarter. Analysts' estimates typically exclude one-time items.
Bally's second quarter revenue declined to $213.5 million from $233.3 million in the prior-year period. Analysts expected the company to post revenues of $216.17 million.
Segment-wise, gaming equipment and systems revenue declined to $136.4 million from $157.3 million with the number of new gaming devices sold coming down to 4,997 units from 6,099 units in the year-ago quarter, due to a continued sluggish North America replacement market and fewer new openings and expansions during the quarter.
Revenue from casino operations was down to $8.5 million from $9.6 million, while gaming operations revenue increased to $68.5 million from $66.4 million in the year-ago period.
SG&A increased to 26% of total revenue compared to 25% and research and development expenses was 9% of total revenue compared to 8% in the year-ago period.
Operating income declined to $54.4 million from $59.4 million, as interest expense in the quarter narrowed to $3.2 million from $6.2 million in the same quarter last year.
For the six-months, Bally reported net income of $63.87 million or $1.11 per share, flat from the prior year period. Revenue declined to $409.9 million from $470.6 million last year.
Looking forward, the company reiterated its fiscal 2010, earnings guidance in the range of $2.30 to $2.55 per share, with the fourth quarter anticipated to be stronger than the third quarter.
Analysts expect the company to earn $2.44 per share for the full year.
BYI closed Wednesday's regular trading session at $42.60, down $0.63 or 1.46% on a volume of 1.47 million shares on the NYSE. In the after hours the shares further declined 0.26% or $0.11, trading at $42.48.
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