-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MzvK/F2yfWk097nYJF0PjxRHUXR1FJQ72ECA3QeQQqHtKpHiH2hO346KD8AlNZt2 RLz33D6dLpwlx6nG+8bKrQ== 0001104659-07-064805.txt : 20070824 0001104659-07-064805.hdr.sgml : 20070824 20070824140411 ACCESSION NUMBER: 0001104659-07-064805 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070821 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070824 DATE AS OF CHANGE: 20070824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BALLY TECHNOLOGIES, INC. CENTRAL INDEX KEY: 0000002491 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 880104066 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31558 FILM NUMBER: 071077920 BUSINESS ADDRESS: STREET 1: 6601 S. BERMUDA RD. CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 7028967700 MAIL ADDRESS: STREET 1: 6601 S. BERMUDA RD. CITY: LAS VEGAS STATE: NV ZIP: 89119 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE GAMING CORP DATE OF NAME CHANGE: 19950104 FORMER COMPANY: FORMER CONFORMED NAME: UNITED GAMING INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GAMING & TECHNOLOGY INC DATE OF NAME CHANGE: 19890206 8-K 1 a07-22571_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): August 21, 2007

BALLY TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Nevada

 

0-4281

 

88-0104066

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

 

 

 

 

6601 S. Bermuda Rd.

 

 

 

89119

Las Vegas, Nevada

 

 

 

(Zip Code)

(Address of principal executive offices)

 

 

 

 

 

Registrant’s telephone number, including area code:  (702) 584-7700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 2.02                                             Results of Operations and Financial Conditions.

On August 21, 2007, Bally Technologies, Inc. (the “Company”), issued a press release (the “Release”) announcing the Company’s preliminary results for the fiscal year ended June 30, 2007 and provided financial guidance for the fiscal year ended June 30, 2008. A copy of the Release is attached hereto as Exhibit 99.1 and the portions thereof announcing the Company’s preliminary results for the fiscal year ended June 30, 2007 are incorporated herein by reference.

Item 8.01                                             Other Events.

The Release also announced court approval of the previously disclosed settlement agreements reached with the plaintiffs in certain consolidated securities class action lawsuits, provided an update with respect to the Company’s filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2007 and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2007(collectively, the “Filings”), and provided an update on efforts to effect a sale of the Company’s Rainbow Casino in Vicksburg, Miss. A copy of the Release is attached hereto as Exhibit 99.1 and the portions thereof with respect to the court approval of the settlement agreements, the status of the Filings and the sale of the Rainbow Casino are incorporated herein by reference.

Item 9.01.              Financial Statements and Exhibits.

(d)   Exhibits

99.1         Press release issued by the Company, dated August 21, 2007.

2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BALLY TECHNOLOGIES, INC.

 

 

 

 

 

 

 

By:

/s/ Robert C. Caller

 

 

Robert C. Caller

 

 

Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 

Dated: August 24, 2007

 

3


 EX-99.1 2 a07-22571_1ex99d1.htm EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Investor Contact: Robert Caller

Media Contact: Marcus Prater

(702) 584-7982

(702) 584-7828

rcaller@ballytech.com

mprater@ballytech.com

 

BALLY TECHNOLOGIES PROVIDES

FISCAL YEAR 2007 BUSINESS UPDATE AND EPS

AND REVENUE GUIDANCE FOR FY2008

LAS VEGAS, Aug. 21, 2007 — Bally Technologies, Inc. (NYSE: BYI) today provided a business update on its expected operating results for its fiscal year ended June 30, 2007. The Company reiterates its previous guidance and expects its fiscal 2007 revenues will be in the range of $670 million to 690 million. In addition, it expects that diluted earnings per share (“Diluted EPS”) will exceed $0.34, and that adjusted diluted earnings per share after adding back stock-based compensation (“Adjusted EPS”) will exceed $0.51 for the fiscal year ended June 30, 2007. These results are unaudited and are subject to change.

The Company currently plans to file its Form 10-K for the fiscal year ended June 30, 2007, by the end of September 2007. The Company plans to file its Form 10-Q for the quarterly period ended March 31, 2007, immediately prior to filing its 2007 Form 10-K.

The Company’s Chief Financial Officer, Robert C. Caller, commented, “We are pleased that our preliminary fiscal 2007 operating results show that the Company has returned to solid profitability in the second half of fiscal 2007.”

Guidance — Fiscal Year 2008

The Company expects Diluted EPS of approximately $1.25 to $1.55 and Adjusted EPS of approximately $1.39 to $1.69 for the fiscal year ending June 30, 2008.

The Company expects revenues in fiscal 2008 will exceed $830 million, with continued growth in game sales, gaming operations and system revenues. The Company forecasts an increase in the placement of premium daily fee games and an increase in the number of gaming devices sold, and also expects margins on game sales and operations to continue to improve in fiscal 2008. The Company expects its selling, general and administrative expenses as a percentage of revenue to be lower in fiscal 2008 as compared with fiscal year 2007 as a result of the increase in revenues and a decrease in certain professional fees.

“I am pleased with the continued revenue growth from all of our products, and our new product pipelines across all of our business lines look strong,” said Richard Haddrill, the Company’s Chief Executive Officer. “Further, we are making good progress on improving both gross margins and overall operating leverage.”

The Company has provided this broad range of earnings guidance in an attempt to give investors general information on the overall direction of its business. This guidance is subject to numerous uncertainties, including, among others, overall economic conditions, the market for gaming devices and systems, competitive product introductions, complex revenue recognition rules related to the Company’s business, and assumptions about the Company’s new product introductions and regulatory approvals.  The Company may update this fiscal 2008 guidance from time to time as the year progresses.

- MORE -



Page 2 — Business and earnings update

The following table reconciles the Company’s estimated Diluted EPS for fiscal 2007 and the range of estimated Diluted EPS for fiscal 2008, as determined in accordance with generally accepted accounting principles (“GAAP”), to Adjusted EPS for fiscal 2007 and the range provided for fiscal 2008:

 

 

 

Fiscal 2007

 

Fiscal 2008

 

Estimated:

 

 

 

 

 

 

 

Diluted EPS

 

$

0.34

 

$

1.25

 

$

1.55

 

Share-Based Compensation, net of tax

 

0.17

 

0.14

 

0.14

 

Adjusted EPS

 

$

0.51

 

$

1.39

 

$

1.69

 

 

The Company provides its estimate of Adjusted EPS for fiscal 2007 and a range for fiscal 2008 in this press release as additional information regarding the Company’s preliminary operating results for fiscal 2007 and planned operating results for fiscal 2008. Adjusted EPS adds back the impact of stock-based compensation, net of tax, to Diluted EPS as determined in accordance with GAAP. This measure is not in accordance with or an alternative for GAAP and may be different from non-GAAP earnings measures used by other companies. Non-GAAP financial measures should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP.  Adjusted EPS is a supplemental non-GAAP financial measure used by the Company’s management and is frequently used by analysts to evaluate the Company’s financial performance. Adjusted EPS should not be construed as an alternative to Diluted EPS as determined in accordance with GAAP.

Rainbow Casino

The Company has determined that it will continue to own and operate the Rainbow Casino in Vicksburg, Miss. Caller also commented, “The Rainbow Casino continues to generate solid profits and cash flows for the Company.”

Settlement of Lawsuits

The Company also announced that the United States District Court of Nevada has approved the previously disclosed settlement agreements reached with the plaintiffs in the consolidated federal securities class action lawsuits filed in 2004 against the Company and certain current and former officers, as well as the shareholder derivative litigation filed in 2006, and in connection therewith, the Court dismissed the cases. The Company’s share of the settlement was $1.25 million, which was accrued in its fiscal 2006 financial statements.

With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates and distributes advanced gaming devices, systems and technology solutions worldwide. Bally’s product line includes reel-spinning slot machines, video slots, wide-area progressives and Class II, lottery and central determination games and platforms. As the world’s No. 1 gaming systems company, Bally also offers an array of casino management, slot accounting, bonusing, cashless and table management solutions. The Company also owns and operates Rainbow Casino in Vicksburg, Miss. Additional Company information, including the Company’s investor presentations, can be found at www.BallyTech.com.

This news release may contain “forward-looking” statements within the meaning of the Securities Act of 1933, as amended, and is subject to the safe harbor created thereby. Such information involves important risks and uncertainties that could significantly affect the results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements.  Future operating results may be adversely affected as a result of a number of risks that are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update the information in this press release and represents that the information is only valid as of today’s date. All of the “go-live” and installation dates are subject to regulatory approvals and construction and installation timelines.

— BALLY TECHNOLOGIES, INC. —


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