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Bally Technologies Inc Reports Operating Results (10-Q)

February 08, 2013 | About:
10qk

10qk

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Bally Technologies Inc (BYI) filed Quarterly Report for the period ended 2012-12-31.

Bally Technologies, Inc. has a market cap of $2.02 billion; its shares were traded at around $49.28 with a P/E ratio of 18.9753 and P/S ratio of 2.337. Bally Technologies, Inc. had an annual average earning growth of 19.4% over the past 10 years.

Highlight of Business Operations:

The 2008 Employee Stock Purchase Plan (the 2008 ESPP) provides that eligible employees are able to contribute up to 10% of their eligible earnings towards the quarterly purchase of the Companys common stock. The employees purchase price is equal to 85% of the fair market value. During the six months ended December 31, 2012 and 2011, employees purchased 39,777 shares and 40,085 shares of common stock for approximately $1.5 million and $1.2 million, respectively, under the 2008 ESPP.

Systems Revenue. Systems revenue increased $2.7 million, or 5%, to approximately $56.7 million in the three months ended December 31, 2012, when compared to the same period last year, which was comprised primarily of a $5.0 million, or 28%, increase in maintenance revenue due to the increased install base of customers on our systems. The increase in maintenance revenue was partially offset by a decrease in hardware revenue by $2.4 million during the same period.

Total revenues increased $68.1 million to $473.5 million, or 17%, in the six months ended December 31, 2012, when compared to the same period last year, as a result of the following:

Systems Revenue. Systems revenue increased $8.4 million, or 8%, to approximately $108.0 million in the six months ended December 31, 2012, when compared to the same period last year, which was comprised primarily of a $8.0 million, or 22%, increase in maintenance revenue due to the increased install base of customers on our systems.

Selling, General and Administrative Expenses. SG&A expenses increased $13.9 million, or 12%, in the six months ended December 31, 2012, when compared to the same period last year, due primarily to increases in payroll and related expenses and bad debt expense. Payroll and related expenses increased due primarily to an increase in headcount in the comparative periods primarily as a result of our expansion into international markets, and certain compensation related to executive transitions. Bad debt expense increased due primarily to an increase in the allowance for doubtful accounts recorded in the current fiscal period in response to our expansion of credit offered to our customers, increased exposure in international markets, and an impairment of notes receivable of $0.8 million related to development financing. Bad debt as a percentage of revenue in the six months ended December 31, 2012 was approximately 1%.

Read the The complete Report

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