2001 war das Alliance Gaming Jahr, diese Performance ist vorbei. Aber Alliance ist sehr
etabliert in Amiland und konnte mal wieder alles toppen.
Gruss E.

stockcharts.com/def/servlet/...tv05.ServletDriver?chart=AGI,W" style="max-width:560px" >
Alliance Gaming Reports Second Quarter Earnings of $0.24 Per Share; Increases Fiscal Year 2003 Guidance to at Least $0.87 Per Share Bally Gaming and Systems Business Unit Reports 118% Increase In Operating Income on 66% Increase in Unit Sales
LAS VEGAS, Jan 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- Alliance Gaming
Corporation (NYSE: AGI) today announced earnings for its second fiscal quarter
ending December 31, 2002. Net income (after tax) for the second quarter totaled
$11.9 million, or $0.24 per diluted share, on revenues of $173.6 million. For
the comparable quarter ended December 31, 2001, the Company reported net income
of $12.8 million, or $0.27 per diluted share, on revenues of $150.6 million,
which period included no Federal income tax expense due to the utilization of
net operating loss carryforwards and other tax credits. Assuming Federal income
taxes had been recognized for the quarter ended December 31, 2001, net income
and EPS would have been $8.3 million or $0.18 per share, respectively.
The Company's financial performance was led by its Bally Gaming and Systems
business unit which reported a 67% increase in revenues to $86.6 million driven
by a 66% increase in new units sales, and a 106% increase in EBITDA to $25.5
million, which is a new record for this business unit.
Results for the December 2002 quarter include:
-- Record consolidated revenues of $173.6 million, an increase of 15%
from the $150.6 million in the prior year quarter, led by a 67%
increase in revenues at the Bally Gaming and Systems business unit.
-- Record consolidated EBITDA, of $34.4 million, an increase of 24% from
the $27.7 million in the prior year quarter, led by a 106% increase at
Bally Gaming and Systems.
-- Net income (after tax) of $0.24 per diluted share, an increase of 33%
compared to the prior year quarter after-tax earnings of $0.18 per
share.
Fiscal Year 2003 Guidance Update:
For fiscal 2003, the Company updated its EPS guidance to at least $0.87 on a
fully-taxed basis from its previous estimate of $0.84. The fiscal 2003 earnings
guidance compares to $0.70 on a fully taxed basis in fiscal 2002 (excluding
non-recurring items).
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the
Company's business units are as follows (Dollars in millions):
EBITDA Summary
Three Months Ended Six Months Ended
December 31, December 31,
2002 2001 2002 2001
Bally Gaming and Systems $25.5 $12.4 $43.9 $24.3
Route Operations 5.8 6.6 11.8 13.2
Casino Operations 4.6 5.7 10.4 12.1
Bally Wulff 1.1 5.8 (0.6) 5.7
Corporate office expense (2.6) (2.8) (4.9) (5.0)
Alliance total EBITDA $34.4 $27.7 $60.6 $50.3
Cash and Capital Expenditures:
-- As of December 31, 2002, the Company had $54.9 million of cash and
cash equivalents, which included approximately $21.7 million held for
operational purposes in vaults, cages and change banks and
$8.8 million held in jackpot reserve accounts.
-- For the quarter ended December 31, 2002, consolidated capital
expenditures, including costs to produce proprietary games, totaled
$9.4 million as compared to $8.1 million for the prior year quarter.
The current period capital expenditures were driven by the continued
deployment of wide-area progressive and daily-fee games, and the
remodeling costs incurred at the Rainbow Casino.
Other financial highlights:
-- Consolidated net interest expense for the current quarter totaled
$6.1 million compared to $6.7 million in the prior year period,
resulting from substantially lower interest rates on the Company's
term loan facility.
-- As was previously disclosed, beginning July 1, 2002 the Company began
recognizing Federal income tax expense based on 35% of pre-tax
domestic income. Consistent with the prior year, the Company recorded
state income taxes at a rate of approximately 4% of domestic income,
and there was no tax effect from the results of Bally Wulff in
Germany.
The Company will hold its conference call on Wednesday, January 15th at 10 a.m.
PST (1 p.m. EST). Participants may access the call by dialing (719) 457-2665.
The Company will also broadcast the conference call over the Internet.
Interested parties are asked to log on to the call at
www.alliancegaming.comusing the Investor Relations tab 10 minutes prior to the start of the call.
Business Unit Detail
Bally Gaming and Systems Revenues Increase 67%, EBITDA Increases 106%
The following chart summarizes the financial information for the Bally Gaming
and Systems business unit (Dollars in millions):
Three Months Ended Six Months Ended
December 31, December 31,
2002 2001 2002 2001
Revenues
Game sales $50.4 $26.9 $84.2 $47.9
System sales 23.0 11.9 38.3 24.9
Gaming operations 13.2 12.9 27.7 24.3
Total revenues $86.6 $51.7 $150.2 $97.1
Gross Margin % 54% 56% 56% 56%
EBITDA $25.5 $12.4 $43.9 $24.3
EBITDA Margin 30% 24% 29% 25%
Operating Income $21.8 $10.0 $36.9 $19.9
New Gaming Devices Sold 5,430 3,250 9,430 5,700
Game Monitoring Units Sold 8,900 8,500 15,030 17,580
End of period installed
base of WAP and
daily-fee games 3,930 3,700 3,930 3,700
Average installed
base of WAP and
daily-fee games 3,900 3,580 3,800 3,480
Bally Gaming and Systems business unit reported a 67% increase in revenues over
the prior year's quarter. Revenues from sales of gaming devices increased 87%
over the prior year's quarter primarily as a result of a 66% increase in the
number of units sold to 5,430 games and 15% increase in average selling price.
Bally Systems revenues increased 93% over the prior year quarter driven by a 6%
increase in game monitoring units shipped and a significantly higher average
selling price per unit driven by the larger proportion of player tracking and
promotion software revenues, as well as higher levels of recurring hardware and
software support revenues resulting from the larger base of installed systems.
Gaming Operations revenues increased 2% over the prior year's quarter as a
result of a 9% increase in the average installed base of wide-area progressive
(WAP) and daily-fee games deployed, which now total 1,845 and 2,085,
respectively. During the quarter we deployed an additional 1,100 WAP and
daily-fee games, and had returns totaling 950 games, resulting in a net increase
in the installed base of 150 games on a sequential basis as of December 31, 2002
compared to September 30, 2002. The current quarter placements were led by the
initial placements of Monte Carlo with 335 units and an additional 190 Playboy
units.
The Bally Gaming and Systems EBITDA improved 106% to a quarterly record of $25.5
million, compared to $12.4 million in the comparative prior year quarter.
Operating income improved 118% to $21.8 million. The combined gross margin
percentage declined slightly to 54%, which resulted from the revenue mix being
more heavily weighted to new unit sales which have lower gross margin percentage
compared to gaming operations and systems.
Route Operations Revenues Decrease 4%, EBITDA Decreases 12%
The following chart summarizes the combined financial information for the Nevada
route operations and the Louisiana-based Video Services, Inc. operations
(Dollars in millions):
Three Months Ended Six Months Ended
December 31, December 31,
2002 2001 2002 2001
Revenues
Nevada $49.7 $52.3 $100.9 $102.6
Louisiana 3.6 3.5 7.3 7.0
Total revenues $53.3 $55.8 $108.2 $109.6
EBITDA
Nevada $5.3 $6.1 $10.8 $12.1
Louisiana 0.5 0.5 1.0 1.1
Total EBITDA $5.8 $6.6 $11.8 $13.2
EBITDA Margin
Nevada 11% 12% 11% 12%
Louisiana 13% 14% 13% 16%
Operating Income $2.5 $4.0 $5.1 $7.1
Average Number of Gaming Devices
Nevada 8,130 8,380 8,235 8,275
Louisiana 711 680 711 665
Total Gaming Devices 8,841 9,060 8,946 8,940
For the Nevada route operations, revenue decreased 5% and EBITDA decreased 13%
compared to prior year quarter. The average number of games deployed decreased
3% over the prior year quarter and the average net win per day per gaming
machine decreased slightly to $65.85 from $67.25. The Nevada route operations
were adversely impacted during the quarter by the closure of the Raley's
supermarkets locations in Southern Nevada. Certain of these locations later
re-opened as Food-4-Less stores, where we retained the gaming rights. At
December 31, 2002, the Gamblers Bonus product was available at 415 locations and
was installed in over 4,140 gaming machines or 52% of the Nevada route's total
installed base of gaming machines.
The increase in revenues at VSI is due primarily to a 5% increase in the number
of units deployed, offset by a slight decrease in net win per day per gaming
machine to $54.65 from $55.50 in the prior year quarter.
Casino Operations Revenues Decrease 5%, EBITDA Decreases 20%
The following chart summarizes combined financial information for the Rainbow
Casino in Vicksburg, Mississippi, and the Rail City Casino in Sparks, Nevada
(Dollars in millions):
Three Months Ended Six Months Ended
December 31, December 31,
2002 2001 2002 2001
Revenues
Rainbow Casino $11.6 $12.6 $24.3 $25.8
Rail City Casino 5.2 5.0 10.3 10.0
Total Revenues $16.8 $17.6 $34.6 $35.8
EBITDA
Rainbow Casino $3.2 $4.3 $7.6 $9.4
Rail City Casino 1.4 1.4 2.8 2.7
Total EBITDA $4.6 $5.7 $10.4 $12.1
EBITDA Margin
Rainbow Casino 27% 35% 31% 36%
Rail City Casino 28% 28% 27% 27%
Operating Income $3.8 $5.3 $8.8 $11.2
Average Number of Gaming Devices
Rainbow Casino 904 970 975 940
Rail City Casino 546 530 545 520
Total Gaming Devices 1,450 1,500 1,520 1,460
Avg. Number of Table Games 24 24 24 24
For the quarter, the combined casino operations business unit reported a 5%
decrease in revenues and a 20% decrease in EBITDA. Rail City reported a 4%
increase in revenues driven by a 3% increase in the average number of games and
a slight increase in slot win. EBITDA at Rail City increased 3% to $1.4 million.
Revenues and EBITDA at Rainbow declined 8% and 27%, respectively, compared with
the same quarter in fiscal 2002. The Vicksburg gaming market grew approximately
3% in the December 2002 quarter compared to the prior year quarter. During the
quarter Rainbow completed a number of significant remodeling projects including
the addition of a deli and an entertainment lounge. The internal remodeling
projects caused a significant amount of disruption to the casino operations in
the December quarter. The external remodeling project, which began late in
January and is expected to be completed early in the June quarter, is expected
to be less disruptive to the casino operations.
Wall Machines & Amusement Games Revenues Decrease 34%, EBITDA Decreases 82%
The following chart summarizes the financial results for the Wall Machines and
Amusement Games business unit, which is based in Germany (Dollars in millions):
Three Months Ended Six Months Ended
December 31, December 31,
2002 2001 2002 2001
Revenues $16.9 $25.5 $27.5 $38.1
Gross Margin 42% 49% 42% 46%
EBITDA $1.1 $5.8 $(0.6) $5.7
EBITDA Margin 6% 23% (3)% 15%
Operating Income (loss) $0.6 $4.5 $(1.3) $3.1
Number of New Wall
Machines Sold 1,770 3,960 2,470 5,810
Number of New Wall
Machines Leased 1,380 1,630 2,320 2,610
Installed Base of
Leased Machines 6,680 7,130 6,680 7,130
Wall Machines and Amusement Games business unit revenues decreased 34% as a
result of a 55% decrease in new units sold and a 15% decrease in revenues from
leased games. The wall machine market continues to be adversely impacted by the
overall slowness in the German economy.
The disclosures herein include statements that are "forward looking" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Act of 1934, as amended, and are subject to the safe
harbor created thereby. Such forward looking information involves important
risks and uncertainties that could significantly affect results in the future
and, accordingly, such results may differ from those expressed in any forward
looking statements made by or on behalf of the Company. Future operating results
may be adversely affected as a result of a number of factors enumerated in the
Company's public reports and prospectuses such as the impact of competition,
uncertainties concerning such matters as the Company's high leverage, its
ability to service debt, its holding company structure, its operating history
and recent losses, competition, product development, customer financing, sales
to non-traditional gaming markets, foreign operations, dependence on key
personnel, strict regulation by gaming authorities, gaming taxes and value added
taxes, change in control, and other risk factors listed from time to time in the
Company's SEC reports, including but not limited to the most recent reports on
Form 10-K and 10-Q.
Alliance Gaming Corporation is a diversified gaming company headquartered in Las
Vegas, Nevada. The Company is engaged in the design, manufacture, operation and
distribution of advanced gaming devices and systems worldwide and is the
nation's largest gaming machine route operator and operates two casinos.
Additional information about the Company can be found on the Alliance Gaming web
site at:
www.alliancegaming.com .
For further information please contact: Investors and Media, Robert L. Saxton of
Alliance Gaming Corporation, +1-702-270-7600
ALLIANCE GAMING CORPORATION
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended
December 31,
2002 2001
(In 000's, except per share amounts)
Revenues $173,626 $150,616
Cost of operations 102,216 89,892
Selling, general and
administrative expenses 31,124 29,201
Research and development costs 5,912 3,807
EBITDA 34,374 27,716
Depreciation and amortization 8,921 7,316
Operating income 25,453 20,400
Net interest expense (6,114) (6,664)
Minority interest and other (41) (837)
Income before income taxes 19,298 12,899
Income tax provision (7,445) (83)
Net income $11,853 $12,816
Diluted earnings per share $0.24 $0.27
Weighted average common and common
share equivalents outstanding 50,219 47,258
Supplemental Information:
Diluted earnings per share, as reported $0.24 $0.27
Federal income tax charge -- (0.09) (a)
Diluted earnings per share,
as if tax effected $0.24 $0.18
Note:
(a) For the quarter ended December 31, 2001, the domestic earnings were
offset against net operating loss carry forwards resulting in no
Federal income tax expense. On a proforma basis, by applying a
35% Federal income tax rate, tax expense would have been approximately
$4.6 million, or $0.09 per share. The earnings for quarter ended
December 31, 2002 include a provision for Federal income taxes.
ALLIANCE GAMING CORPORATION
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
Six Months Ended
December 31,
2002 2001
(In 000's, except per share amounts)
Revenues $320,358 $280,571
Cost of operations 188,552 169,681
Selling, general and
administrative expenses 60,540 53,090
Research and development costs 10,672 7,499
EBITDA 60,594 50,301
Depreciation and amortization 16,920 15,040
Operating income 43,674 35,261
Net interest expense (12,469) (13,916)
Minority interest and other (557) (880)
Income before income taxes 30,648 20,465
Income tax provision (12,537) (221)
Net income $18,111 $20,244
Diluted earnings per share $0.37 $0.44
Weighted average common and common
share equivalents outstanding 49,457 45,700
Supplemental Information:
Diluted earnings per share, as reported $0.37 $0.44
Federal income tax charge -- (0.17) (a)
Diluted earnings per share,
as if tax effected $0.37 $0.27
Note:
(a) For the year ended December 31, 2001, the domestic earnings were
offset against net operating loss carry forwards resulting in no
Federal income tax expense. On a proforma basis, by applying a
35% Federal income tax rate, tax expense would have been approximately
$7.9 million, or $0.17 per share for the six month period ended
December 31, 2001. The earnings for six month period ended
December 31, 2002 include a provision for Federal income taxes.
ALLIANCE GAMING CORPORATION
SELECTED BALANCE SHEET DATA
As of
December 31, June 30,
2002 2002
(In 000's)
Cash and cash equivalents $54,920 $63,404
Working capital 173,040 173,047
Total assets 498,934 459,880
Total long term debt,
including current maturities 343,113 342,264
Total stockholders' equity 70,806 45,986
SOURCE Alliance Gaming Corporation
CONTACT: Investors and Media, Robert L. Saxton of Alliance Gaming
Corporation, +1-702-270-7600
URL:
www.alliancegaming.com www.prnewswire.comCopyright (C) 2003 PR Newswire. All rights reserved.
KEYWORD: Nevada
Louisiana
Mississippi
Germany
INDUSTRY KEYWORD: CNO
SUBJECT CODE: ERN
CCA