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Multimedia Games Inc. (MGAM) filed Quarterly Report for the period ended 2011-12-31.
Multimedia Games Holding Company Inc. has a market cap of $202.1 million; its shares were traded at around $7.53 with a P/E ratio of 34.2 and P/S ratio of 1.6.
This is the annual revenues and earnings per share of MGAM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MGAM.
Highlight of Business Operations:
Other domestic gaming operations revenue relates to participation revenue primarily from the following states, Washington, California, New York, Wisconsin, and Alabama; and also includes revenue from Texas, Minnesota, Kansas, Idaho, Iowa, Mississippi, Louisiana, Florida, Connecticut, New Mexico, and Rhode Island. Gaming revenue from these states combined was $5.9 million in the three months ended December 31, 2011 compared to $3.5 million during the same period of 2010, a $2.4 million or 68.4%, increase. The increase in gaming operations revenue was primarily the result of an increase in our installed base of participation games, as well as an increase in back office fees received on player terminals sold in a market which utilizes our back office equipment. The end of period participation unit count for these states increased to 2,041 as of December 31, 2011 from 1,304 as of December 31, 2010, a 56.5% increase in our domestic footprint, outside of Oklahoma. .Revenues from the Mexico market were $925,000 in the three months ended December 31, 2011 and $1.9 million during the same period of 2010, a decrease of $1.0 million or 52.0%. The decrease in revenue is attributable to a decrease in Mexico's installed player terminals. As of December 31, 2011, we had installed 2,226 player terminals in Mexico compared to 4,451 terminals installed at December 31, 2010, a decrease of 2,225, or 50.0%. The reduction in the number of units and corresponding reduction in revenue relates to our planned strategy to optimize our deployed capital in Mexico. As part of this strategy we have and expect to continue to remove older games from our customer locations and replace units at a conservative pace to maximize the return on investment.
Player terminal and equipment sales were $7.8 million for the three months ended December 31, 2011, and $4.5 million for the three months ended December 31, 2010, an increase of $3.3 million or 73.3%. Player terminal sales for the three months ended December 31, 2011 were $6.1 million on the sale of 408 proprietary units, compared to sales of $3.1 million on the sale of 201 proprietary units for the three month period ended December 31, 2010. Gaming equipment sales were $1.3 million for the three month period ended December 31, 2011 compared to $1.1 million in the December 31, 2010 period. Generally, gaming equipment sales include ancillary equipment necessary for the full functionality of the player terminals in a casino. Player terminal and equipment sales also include $449,000 and $288,000 related to deferred revenue recognized during the three month periods ended December 31, 2011 and 2010, respectively, due to final execution of deliverables or mutual agreement to changes in contract terms. The increase in this quarter for player terminal and equipment sales is attributable to the continued growth in new markets.
Systems and licensing sales revenue was $1.7 million for the three months ended December 31, 2011, and $1.6 million for the three months ended December 31, 2010 a $188,000, or 12.1%, increase. Systems and licensing revenue for the three months ended December 31, 2011 relates to (i) $1.4 million of licenses associated with the player terminal sales during the period; (ii) $233,000 of license revenue from game conversions; and (iii) $131,000 of systems and game themes sold in prior periods being amortized to revenue from deferred revenue over the contract period. Systems and
Cost of equipment and system sales increased $910,000, or 28.0%, to $4.2 million in the three months ended December 31, 2011, from $3.2 million in the three months ended December 31, 2010. Cost of equipment and system sales for the three months ended December 31, 2011 includes (i) $3.2 million related to the player terminal sales; (ii) $687,000 related to the sale of gaming equipment during the period, and (iii) $270,000 of costs of prior period shipments being amortized from deferred revenue over the contract period. Cost of equipment and system sales for the three months ended December 31, 2010 includes (i) $1.4 million related to player terminal sales; (ii) $1.3 million of costs of prior period shipments being amortized from deferred revenue over the contract period; and (iii) $543,000 relate to the sale of gaming equipment during the period.
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