Multimedia Games beats analysts' expectations in Q1

Jan 31, 2014
Austin Business Journal

Multimedia Games Holding Company Inc. (Nasdaq: MGAM) reported revenue of $59.2 million in the first quarter of fiscal year 2014, a 34 percent increase over the year-earlier period,  according to a news release from the Austin-based company.

Multimedia Games shares were down slightly on the news Thursday, dipping about 2 percent to close at $32.17.

Excluding extraordinary items, the company reported earnings of 33 cents per share during the quarter, 3 cents better than analysts' estimates.

"Our first quarter results represent a strong start to fiscal 2014," said CEO Patrick Ramsey in the release.

Looking forward into 2014, the company said it expects to generate revenue in the range of $217 million to $223 million, a projected year-over-year growth rate of 15 to 18 percent.

Separately, the company said shareholders had elected Stephen Ives, who has more than 10 years of gaming industry experience with British firm Betfair Group Plc, to the board of directors.

Ranked by revenue in fiscal year 2012, Multimedia Games is the 20th largest Austin-based publicly traded company, according to data compiled by the Austin Business Journal, with revenue of more than $156.1 million. It has 439 employees, with 319 based in the Austin area.

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