Multimedia Games Reports Revenue Up
Clifton Lind, Multimedia Games’ ("Multimedia’s") President and Chief
Executive Officer, commented, "We are pleased to report that our record
Q1 net revenue and EBITDA exceeded the guidance we provided last
November. This financial performance occurred during a period in which
we made significant investments in the development of new products and
markets, and in which net income and earnings per share were impacted by
start-up costs for the infrastructure required to support three new
products for three new markets.
"Today, we are reconfirming our guidance of $2.64 diluted earnings
per share and EBITDA of $108 million for FY 2004. Achievement of these
projected results is predicated upon the business expansion initiated to
date in FY ’04 as well as upon expected developments, including: future
placements of additional Class II or Class III units related to signed
development agreements; market acceptance of our pending new content,
product, gaming engine and system releases in the traditional Class II
market; additional placements of new products recently released; and
placements of new content, systems and units in emerging markets. Our FY
’04 guidance also accounts for our current estimates of the impact of
new competition in the markets in which we currently operate, the
various possible outcomes of discussions currently under way in Oklahoma
regarding tribal/state compacts, and the uncertainty regarding the
United States Department of Justice’s ("DOJ’s") pending Petition for
Writ of Certiorari.
"During the first quarter of fiscal 2004, Multimedia successfully
expanded its sources of recurring revenue with the roll-out of two new
products targeting two new markets.
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2004 Online Casino News Archive