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): April 24, 2013
BALLY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Nevada |
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001-31558 |
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88-0104066 |
(State or other jurisdiction of |
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(Commission File Number) |
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(I.R.S. Employer |
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6601 S. Bermuda Rd. |
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89119 (Zip Code) |
Registrants 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 April 24, 2013, Bally Technologies, Inc. (the Company), issued a press release (the Release) announcing the Companys results for the fiscal quarter ended March 31, 2013 and updated guidance for the fiscal year ended June 30, 2013. A copy of the Release is attached hereto as Exhibit 99.1 and the portions thereof announcing the Companys results for the fiscal quarter ended March 31, 2013 are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibit.
(d) Exhibits
99.1 Press release issued by the Company, dated April 24, 2013.
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.
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BALLY TECHNOLOGIES, INC. | |
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By: |
/s/Mark Lerner |
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Mark Lerner |
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Senior Vice President, General Counsel and Secretary |
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Dated: April 29, 2013 |
Exhibit 99.1
Investor Contact: Michael J. Carlotti |
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Media Contact: Laura Olson-Reyes |
(702) 584-7995 |
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(702) 584-7742 |
mcarlotti@ballytech.com |
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lolson-reyes@ballytech.com |
BALLY TECHNOLOGIES, INC. REPORTS RECORD QUARTERLY REVENUE AND RECORD DILUTED EPS OF $0.93, UP 39 PERCENT FROM PRIOR YEAR
· |
SYSTEMS REVENUE SETS QUARTERLY RECORD OF $71 MILLION, INCREASING 26 PERCENT FROM PRIOR YEAR |
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· |
WIDE-AREA PROGRESSIVE INSTALLED BASE GROWS 73 PERCENT AND SETS RECORD QUARTERLY REVENUE |
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INCREASES FISCAL 2013 DILUTED EPS GUIDANCE TO $3.35 TO $3.45 |
LAS VEGAS, April 24, 2013 Bally Technologies, Inc. (NYSE: BYI), a leader in slots, video machines, casino management, interactive applications, and networked and server-based systems for the global gaming industry, today announced record quarterly diluted earnings per share (Diluted EPS) of $0.93 and record quarterly revenue of $259 million for the three months ended March 31, 2013.
This record quarter continues to mark a historic period of sustained operating improvement and success which is shaping up to meaningfully continue for the foreseeable future, said Ramesh Srinivasan, the Companys President and Chief Executive Officer. Our recent premium and wide-area progressive (WAP) product launches, including Hot Shot Progressive®, Cash Wizard Tiki Magic, and Pawn Stars, have returned strong initial performances in many different locations, and the much-anticipated NASCAR® WAP debuted last week. We are also preparing to release an impressive array of new for-sale game titles developed by our game studios and third-party development partners. The spate of major global systems installations and significant upgrades, the latter at the rate of more than one per week, continue to bring a new operational and marketing dimension to many casino floors, while providing a solid strategic base for crucial future integration with our mobile and iGaming platform initiatives.
Bally set a number of financial and operational records in the third quarter, including yet another quarterly record for revenues that are recurring in nature, said Neil Davidson, the Companys Chief Financial Officer. Additionally, this quarter represents the 22nd quarter in a row that we have repurchased stock. During the third quarter, we purchased 641,000 shares of common stock for $31 million at $48.79 per share. The new $300 million share repurchase program and accelerated share buyback announced today continue to demonstrate the confidence and visibility we have into our long-term growth trajectory. Including the announced $150 million accelerated share buyback, Bally will have purchased more than $1 billion of its common stock since November 2007.
Third Quarter Fiscal Year 2013 Highlights
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
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2013 |
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% |
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2012 |
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% |
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2013 |
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% |
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2012 |
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% |
| ||||
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(dollars in millions, except per share amounts) |
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Revenues: |
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Gaming Equipment |
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$ |
85.8 |
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33 |
% |
$ |
79.3 |
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35 |
% |
$ |
251.1 |
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34 |
% |
$ |
213.9 |
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34 |
% |
Gaming Operations |
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102.0 |
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39 |
% |
92.5 |
|
40 |
% |
302.2 |
|
41 |
% |
263.7 |
|
41 |
% | ||||
Systems |
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71.3 |
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28 |
% |
56.8 |
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25 |
% |
179.3 |
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25 |
% |
156.4 |
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25 |
% | ||||
Total revenues |
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$ |
259.1 |
|
100 |
% |
$ |
228.6 |
|
100 |
% |
$ |
732.6 |
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100 |
% |
$ |
634.0 |
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100 |
% |
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Gross Margin: |
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Gaming Equipment (1) |
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$ |
43.5 |
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51 |
% |
$ |
36.6 |
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46 |
% |
$ |
126.6 |
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50 |
% |
$ |
95.0 |
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44 |
% |
Gaming Operations |
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72.0 |
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71 |
% |
67.5 |
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73 |
% |
211.8 |
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70 |
% |
190.6 |
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72 |
% | ||||
Systems (1) |
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52.2 |
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73 |
% |
40.4 |
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71 |
% |
134.9 |
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75 |
% |
115.0 |
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74 |
% | ||||
Total gross margin |
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$ |
167.7 |
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65 |
% |
$ |
144.5 |
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63 |
% |
$ |
473.3 |
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65 |
% |
$ |
400.6 |
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63 |
% |
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Selling, general and administrative |
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$ |
72.2 |
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28 |
% |
$ |
63.8 |
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28 |
% |
$ |
204.6 |
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28 |
% |
$ |
182.3 |
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29 |
% |
Research and development costs |
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29.1 |
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11 |
% |
24.8 |
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11 |
% |
80.8 |
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11 |
% |
70.6 |
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11 |
% | ||||
Depreciation and amortization |
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5.7 |
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3 |
% |
5.7 |
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2 |
% |
17.0 |
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3 |
% |
17.1 |
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3 |
% | ||||
Operating income |
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$ |
60.7 |
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23 |
% |
$ |
50.2 |
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22 |
% |
$ |
170.9 |
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23 |
% |
$ |
130.6 |
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21 |
% |
Adjusted EBITDA |
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$ |
85.0 |
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$ |
74.4 |
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$ |
244.9 |
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$ |
200.7 |
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Diluted EPS |
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$ |
0.93 |
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$ |
0.67 |
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$ |
2.50 |
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$ |
1.65 |
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(1) Gross Margin from Gaming Equipment and Systems excludes amortization related to certain intangibles, including core technology and license rights, which are included in depreciation and amortization.
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Three Months Ended |
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Nine Months Ended |
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2013 |
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2012 |
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2013 |
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2012 |
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Operating Statistics |
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New gaming devices |
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4,923 |
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4,147 |
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14,096 |
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11,182 |
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New unit Average Selling Price (ASP) |
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$ |
16,051 |
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$ |
17,073 |
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$ |
16,476 |
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$ |
16,978 |
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As of March 31, |
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2013 |
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2012 |
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End-of-period installed base: |
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Linked progressive systems |
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2,365 |
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1,388 |
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Rental and daily-fee games |
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14,953 |
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14,824 |
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Lottery systems |
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12,059 |
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10,989 |
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Centrally determined systems |
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37,201 |
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47,450 |
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Highlights of Certain Results for the Three Months Ended March 31, 2013
Overall
· Total revenue increased 13 percent to a quarterly record $259 million as compared with $229 million last year.
· Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, including share-based compensation), a non-GAAP financial measure, increased 14 percent to a quarterly record $85 million as compared with $74 million last year.
· Selling, general and administrative expenses (SG&A) remained constant at 28 percent of total revenues.
· Research and development expenses (R&D) remained constant at 11 percent of total revenues.
· Operating income increased 21 percent to a quarterly record $61 million compared with $50 million last year. Operating margin increased to 23 percent from 22 percent last year.
· Diluted EPS increased 39 percent to a quarterly record $0.93 from $0.67 last year.
Gaming Equipment
· Revenues increased 8 percent to $86 million as compared with $79 million last year, driven by higher domestic replacement sales, including the shipment of 788 Canadian Video Lottery Terminals (VLT), as well as by the shipment of 656 units into the Illinois Video Gaming Terminal (VGT) market.
· ASP of new gaming devices decreased 6 percent to $16,051 per unit from $17,073 last year, primarily as a result of a higher mix of lower-ASP VLT and VGT units sold in the quarter and lower-ASP units sold in certain international markets.
· New-unit sales to international customers were 17 percent of total new-unit shipments.
· Gross margin increased to 51 percent from 46 percent last year, due to continued cost reductions on the Pro Series line of cabinets and sales mix.
Gaming Operations
· Revenues increased 10 percent to a quarterly record $102 million as compared with $93 million last year, driven primarily by a 73 percent growth in the installed base of WAP games.
· Gross margin decreased to 71 percent from 73 percent last year, primarily due to higher jackpot expense.
Systems
· Revenues increased 26 percent to a quarterly record $71 million as compared with $57 million last year.
· Maintenance revenues increased 17 percent to $23 million as compared with $20 million last year.
· Gross margin increased to 73 percent from 71 percent last year, primarily as a result of the change in mix of products. Specifically, hardware sales were 36 percent of systems revenues, and software and service sales were 32 percent, as compared to 36 percent for hardware and 30 percent for software and services in the same period last year.
Highlights of Certain Results for the Nine Months Ended March 31, 2013
Overall
· Total revenue increased 16 percent to a record $733 million as compared with $634 million last year.
· Adjusted EBITDA increased 22 percent to a record $245 million as compared with $201 million last year.
· SG&A declined to 28 percent of total revenues from 29 percent last year.
· R&D remained constant at 11 percent of total revenues.
· Operating income increased 31 percent to a record $171 million compared with $131 million last year. Operating margin increased to 23 percent from 21 percent last year.
· Diluted EPS increased 52 percent to a record $2.50 from $1.65 last year.
Gaming Equipment
· Revenues increased 17 percent to $251 million as compared with $214 million last year driven by higher domestic replacement sales, including Canadian VLT shipments, as well as by the shipments into the Illinois VGT market.
· ASP of new gaming devices decreased 3 percent to $16,476 per unit from $16,978 last year, primarily as a result of a higher mix of lower-ASP VLT and VGT units sold.
· New-unit sales to international customers were 17 percent of total new-unit shipments.
· Gross margin increased to 50 percent from 44 percent last year, due to continued cost reductions on certain models of the Pro Series cabinets and sales mix.
Gaming Operations
· Revenues increased 15 percent to a record $302 million as compared with $264 million last year, driven by 73 percent growth in the installed base of WAP games.
· Gross margin decreased to 70 percent from 72 percent last year, primarily due to higher jackpot expense.
Systems
· Revenues increased 15 percent to a record $179 million as compared with $156 million last year.
· Maintenance revenues increased 20 percent to a record $67 million as compared with $55 million last year.
· Gross margin increased to 75 percent from 74 percent last year, primarily as a result of the change in mix of products. Specifically, hardware sales were 30 percent of systems revenues, and software and service sales were 33 percent, as compared to 33 percent for hardware and 32 percent for software and services in the same period last year.
Fiscal 2013 Business Update
The Company increased its fiscal 2013 guidance for Diluted EPS to a range of $3.35 to $3.45. This guidance assumes an effective tax rate of approximately 36 percent for the full fiscal year.
The Company has provided this range of earnings guidance for fiscal 2013 to give investors general information on the overall direction of its business at this time. The guidance provided is subject to numerous uncertainties, including, among others, overall economic and capital-market conditions, the market for gaming devices and systems, changes in gaming legislation, the timing of new jurisdictions and casino openings, the timing and completion of new systems installations, competitive product introductions, complex revenue-recognition rules related to the Companys business, and assumptions about the Companys new product introductions and regulatory approvals. The Company does not intend and undertakes no obligation to update its forward-looking statements, including forecasts, potential opportunities for growth in new and existing markets, and future prospects for proposed new products. Accordingly, the Company does not intend to update guidance during the quarter. Additional information about the factors that could potentially affect the Companys financial results included in todays press release can be found in the Companys Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Non-GAAP Financial Measures
The following table reconciles the Companys net income attributable to Bally Technologies, Inc., as determined in accordance with generally accepted accounting principles (GAAP), to Adjusted EBITDA:
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Three Months Ended |
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Nine Months Ended |
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March 31, |
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March 31, |
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2013 |
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2012 |
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2013 |
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2012 |
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(in 000s) |
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Income from continuing operations, net of tax |
|
$ |
38,449 |
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$ |
29,967 |
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$ |
104,107 |
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$ |
74,627 |
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Interest expense, net |
|
3,198 |
|
2,925 |
|
9,806 |
|
9,537 |
| ||||
Income tax expense |
|
17,527 |
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17,713 |
|
55,345 |
|
44,254 |
| ||||
Depreciation and amortization |
|
22,348 |
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20,132 |
|
66,006 |
|
61,325 |
| ||||
Share-based compensation |
|
3,519 |
|
3,704 |
|
9,676 |
|
10,986 |
| ||||
Adjusted EBITDA |
|
$ |
85,041 |
|
$ |
74,441 |
|
$ |
244,940 |
|
$ |
200,729 |
|
Adjusted EBITDA is a supplemental non-GAAP financial measure used by the Companys management and by some industry analysts to evaluate the Companys ability to service debt, and is used by some investors and financial analysts in the gaming industry in measuring and comparing Ballys leverage, liquidity, and operating performance to other gaming companies. Adjusted EBITDA should not be considered an alternative to operating income or net cash from operations as determined in accordance with GAAP. Not all companies calculate Adjusted EBITDA the same way, and the Companys presentation may be different from those presented by other companies.
Earnings Conference Call and Webcast
As previously announced, the Company is hosting a conference call and webcast today at 4:30 p.m. EDT (1:30 p.m. PDT). The conference-call dial-in number is 866-524-3160 or 412-317-6760 (International). The webcast can be accessed by visiting BallyTech.com and selecting Investor Relations. Interested parties should initiate the call and webcast process at least five minutes prior to the beginning of the presentation. For those who miss this event, an archived version will be available at BallyTech.com until May 24, 2013.
About Bally Technologies, Inc.
With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates, and distributes advanced technology-based gaming devices and systems worldwide, as well as interactive and mobile solutions. Ballys product line includes reel-spinning slot machines, video slot machines, wide-area progressives, and Class II, lottery, and central determination games and platforms. Bally also offers an array of casino management, slot accounting, bonusing, cashless, and table-management solutions. Additional Company information, including the Companys investor presentation, can be found at BallyTech.com. Connect with Bally on Facebook, Twitter, YouTube, LinkedIn, and Pinterest.
This news release may contain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created thereby. Forward looking-statements are subject to change and involve risks and uncertainties that could significantly affect future results, including those risks detailed from time to time in the Companys filings with the Securities and Exchange Commission. Although the Company believes any expectations expressed in any forward-looking statements are reasonable, future results may differ materially from those expressed in any forward-looking statements. The Company undertakes no obligation to update the information in this press release except as required by law and represents that the information speaks only as of todays date.
BALLY TECHNOLOGIES, INC.
NASCAR - NASCAR® is a registered trademark of the National Association for Stock Car Auto Racing, Inc. NASCAR® is a registered trademark of NASCAR, Inc.; Pawn Stars - ©2013 A&E Television Networks, LLC. All rights reserved. Pawn Stars, HISTORY, the H and their associated logos are trademarks of A&E Television Networks, LLC. Gold & Silver and its associated logos are trademarks of Gold & Silver Coin Shop, Inc. All rights reserved.
BALLY TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2013 AND MARCH 31, 2012
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Three Months Ended |
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Nine Months Ended |
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March 31, |
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March 31, |
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2013 |
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2012 |
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2013 |
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2012 |
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(in 000s, except per share amounts) |
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Revenues: |
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|
|
|
|
|
|
|
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Gaming equipment and systems |
|
$ |
157,102 |
|
$ |
136,032 |
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$ |
430,436 |
|
$ |
370,262 |
|
Gaming operations |
|
102,045 |
|
92,508 |
|
302,201 |
|
263,702 |
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|
|
259,147 |
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228,540 |
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732,637 |
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633,964 |
| ||||
Costs and expenses: |
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|
|
|
|
|
|
|
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Cost of gaming equipment and systems (1) |
|
61,419 |
|
59,046 |
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168,978 |
|
160,220 |
| ||||
Cost of gaming operations |
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29,992 |
|
25,017 |
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90,320 |
|
73,107 |
| ||||
Selling, general and administrative |
|
72,218 |
|
63,764 |
|
204,586 |
|
182,290 |
| ||||
Research and development costs |
|
29,098 |
|
24,838 |
|
80,792 |
|
70,601 |
| ||||
Depreciation and amortization |
|
5,755 |
|
5,648 |
|
17,046 |
|
17,089 |
| ||||
|
|
198,482 |
|
178,313 |
|
561,722 |
|
503,307 |
| ||||
Operating income |
|
60,665 |
|
50,227 |
|
170,915 |
|
130,657 |
| ||||
Other income (expense): |
|
|
|
|
|
|
|
|
| ||||
Interest income |
|
1,191 |
|
1,225 |
|
3,738 |
|
3,695 |
| ||||
Interest expense |
|
(4,389 |
) |
(4,150 |
) |
(13,544 |
) |
(13,232 |
) | ||||
Other, net |
|
(1,534 |
) |
325 |
|
(3,336 |
) |
(2,259 |
) | ||||
Income from operations before income taxes |
|
55,933 |
|
47,627 |
|
157,773 |
|
118,861 |
| ||||
Income tax expense |
|
(17,527 |
) |
(17,713 |
) |
(55,345 |
) |
(44,254 |
) | ||||
Net income |
|
38,406 |
|
29,914 |
|
102,428 |
|
74,607 |
| ||||
Less net income (loss) attributable to noncontrolling interests |
|
(43 |
) |
(53 |
) |
(1,679 |
) |
(20 |
) | ||||
Net income attributable to Bally Technologies, Inc. |
|
$ |
38,449 |
|
$ |
29,967 |
|
$ |
104,107 |
|
$ |
74,627 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic and Diluted earnings per share attributable to Bally Technologies, Inc.: |
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
|
$ |
0.95 |
|
$ |
0.70 |
|
$ |
2.56 |
|
$ |
1.73 |
|
Diluted earnings per share |
|
$ |
0.93 |
|
$ |
0.67 |
|
$ |
2.50 |
|
$ |
1.65 |
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic |
|
40,483 |
|
43,087 |
|
40,594 |
|
43,229 |
| ||||
Diluted |
|
41,199 |
|
45,052 |
|
41,614 |
|
45,138 |
|
(1) Cost of gaming equipment and systems excludes amortization related to certain intangibles, including core technology and license rights, which are included in depreciation and amortization.
BALLY TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2013 AND JUNE 30, 2012
|
|
March 31, |
|
June 30, |
| ||
|
|
(in 000s, except share amounts) |
| ||||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
49,291 |
|
$ |
32,673 |
|
Restricted cash |
|
14,474 |
|
13,645 |
| ||
Accounts and notes receivable, net of allowances for doubtful accounts of $14,183 and $14,073 |
|
260,877 |
|
264,842 |
| ||
Inventories |
|
65,747 |
|
75,066 |
| ||
Prepaid and refundable income tax |
|
25,256 |
|
13,755 |
| ||
Deferred income tax assets |
|
39,485 |
|
42,822 |
| ||
Deferred cost of revenue |
|
21,967 |
|
17,615 |
| ||
Prepaid assets |
|
16,380 |
|
13,061 |
| ||
Other current assets |
|
4,136 |
|
6,980 |
| ||
Total current assets |
|
497,613 |
|
480,459 |
| ||
Restricted long-term investments |
|
11,292 |
|
12,171 |
| ||
Long-term accounts and notes receivables, net of allowances for doubtful accounts of $3,667 and $3,029 |
|
44,094 |
|
55,786 |
| ||
Property, plant and equipment, net of accumulated depreciation of $59,635 and $58,823 |
|
33,195 |
|
30,667 |
| ||
Leased gaming equipment, net of accumulated depreciation of $207,002 and $185,846 |
|
119,147 |
|
121,151 |
| ||
Goodwill |
|
172,068 |
|
171,971 |
| ||
Intangible assets, net |
|
31,394 |
|
39,166 |
| ||
Deferred income tax assets |
|
8,255 |
|
7,409 |
| ||
Income tax receivable |
|
12,041 |
|
12,041 |
| ||
Deferred cost of revenue |
|
12,299 |
|
16,542 |
| ||
Other assets, net |
|
23,582 |
|
23,104 |
| ||
Total assets |
|
$ |
964,980 |
|
$ |
970,467 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Accounts payable |
|
$ |
29,025 |
|
$ |
41,414 |
|
Accrued and other liabilities |
|
92,421 |
|
85,310 |
| ||
Jackpot liabilities |
|
10,086 |
|
11,682 |
| ||
Deferred revenue |
|
59,096 |
|
46,314 |
| ||
Income tax payable |
|
3,505 |
|
12,226 |
| ||
Current maturities of long-term debt |
|
22,747 |
|
17,091 |
| ||
Total current liabilities |
|
216,880 |
|
214,037 |
| ||
Long-term debt, net of current maturities |
|
467,500 |
|
494,375 |
| ||
Deferred revenue |
|
21,066 |
|
26,715 |
| ||
Other income tax liability |
|
17,445 |
|
13,922 |
| ||
Other liabilities |
|
20,002 |
|
23,943 |
| ||
Total liabilities |
|
742,893 |
|
772,992 |
| ||
Commitments and contingencies |
|
|
|
|
| ||
Stockholders equity: |
|
|
|
|
| ||
Special stock, 10,000,000 shares authorized: Series E, $100 liquidation value; 115 shares issued and outstanding |
|
12 |
|
12 |
| ||
Common stock, $.10 par value; 100,000,000 shares authorized; 64,931,000 and 63,150,000 shares issued and 40,992,000 and 42,102,000 outstanding |
|
6,487 |
|
6,309 |
| ||
Treasury stock at cost, 23,939,000 and 21,048,000 shares |
|
(922,338 |
) |
(790,633 |
) | ||
Additional paid-in capital |
|
541,097 |
|
489,002 |
| ||
Accumulated other comprehensive loss |
|
(11,834 |
) |
(13,477 |
) | ||
Retained earnings |
|
609,002 |
|
504,895 |
| ||
Total Bally Technologies, Inc. stockholders equity |
|
222,426 |
|
196,108 |
| ||
Noncontrolling interests |
|
(339 |
) |
1,367 |
| ||
Total stockholders equity |
|
222,087 |
|
197,475 |
| ||
Total liabilities and stockholders equity |
|
$ |
964,980 |
|
$ |
970,467 |
|