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Chicago based gambling giant WMS Industries released its first quarter 2013 financial results, noting record product sales gross margins.
Key financial indicators for the period ending September 30th, 2012 were:
Revenues of $159.1 million (Q1/2011: $155.6 Million)
Net income of $9.3 million (Q1/2011: $3.8 Million). Net income over the period reflects higher year-over-year research and development expenses to support the growth of its interactive products and services with an additional $ 3.3 Million spent for this purpose over the quarter.
Gross profit increase of $4.1 million Y-O-Y.
Adjusted EBITDA increased 24% to $52.9 million as EBITDA margin improved 570 basis points.
Cash flow provided by operating activities for the quarter of $21.0 million, a year-over-year increase of 60% or $7.9 million.
Interactive revenue increased to $9.5 million from $0.7 million in the prior-year period
Commenting on the results, WMS Industries Chairman and CEO Brian R. Gamache said: "We are generating very exciting revenue growth from our interactive products and services as we continue to invest in attractive long-term growth opportunities."
"We are extremely pleased by the initial success we are achieving in leveraging the value of our library of proven gaming content into the interactive markets, including social, casual and mobile entertainment. This success is reflected in the $9 million year-over-year growth in revenue from interactive products and services, and we anticipate a range of $35-to-$40 million in annual revenue for fiscal 2013 from these revenue streams."
"While the costs needed to build a sustainable foundation for interactive products and services impact near-term operating profitability, we believe this investment favorably positions WMS to participate in the attractive, high-margin growth potential of these opportunities that can lead to the creation of new value for our shareholders."
"With improved product sales ship share, terrific titles and platforms for our gaming operations business and momentum with our interactive products and services, we fully expect to generate further progress across our worldwide business in the coming quarters."