US based gambling giant WMS Industries has released its third quarter 2013 financial results, noting higher revenues and lower costs.
Key financial indicators for the third quarter were:
Revenue of $202.8 million, up 14% on a quarterly sequential basis
Net income of $13.5 million
A $0.04 per diluted share impact for costs related to the pending acquisition of WMS by Scientific Games Corporation.
Direct costs down 6%.
Cash flow from operating activities increased $11.3 million, or 23%, over the prior year.
Net cash used in investing activities decreased by $20.0 million, or 25%, from the comparable quarter a year ago.
Highlights for the company during the quarter were:
Launch of the new, enhanced Play4Fun Network interactive product that provides a B2B white-label, free-play iGaming and marketing platform for land casino operators, with the first installation at the Snoqualmie Casino in Washington.
Extended availability of the Jackpot Party Social Casino across mobile and tablet devices to include Android based mobile devices.
Through the Williams Interactive subsidiary, extended the availability of WMS slot games to several additional European real-money online casino and bingo sites.
Commenting on his company's performance WMS Chairman and CEO Brian R. Gamache said, "We are highly encouraged by the successful development efforts and growth initiatives of our interactive products and services during the past year and expect to achieve additional growth in fiscal 2014 as we further monetize key game launches and realize ongoing benefits from the recent expanded availability of our Jackpot Party Social Casino in tablet and mobile device channels."
"During the June quarter, growth initiatives were strategically paused in the company's social gaming operations to enable the expansion of an enhanced server and network infrastructure to facilitate further future growth, particularly given the introduction of gaming products for mobile platforms."
"Following the successful network upgrade and expansion, daily active users (DAU) on Jackpot Party Social Casino have increased over 35% thus far in the September quarter compared to the June quarter across all platforms to new record levels reflecting popularity of play on mobile devices, while maintaining high rates of monetization that are believed to be comparable to the industry's leading social casino sites."