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MULTIMEDIA GAMES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except shares and per-share amounts)
SEPTEMBER 30 JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30,
2004 2004 2004 2003 2003
-------- --------- --------- --------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 4,768 $ 29,648 $ 36,634 $ 6,371 $ 26,319
Accounts receivable(1) 10,397 9,299 10,434 8,263 5,866
Inventory 930 3,915 1,882 1,107 2,122
Prepaid expenses and other 2,242 2,783 2,112 1,494 1,811
Notes receivable, net 12,299 1,939 2,900 23,487 3,659
Federal and state income tax receivable 3,714 2,718 1,190 1,101 1,539
Deferred income taxes 3,239 1,827 2,033 1,607 1,584
--------- --------- --------- --------- ---------
TOTAL CURRENT ASSETS 37,589 52,129 57,185 43,430 42,900
Restricted cash and long-term investments 1,216 1,216 1,297 1,339 1,380
Property and equipment, net 140,110 134,365 113,945 101,254 92,150
Notes receivable - non-current 20,588 7,155 4,537 1,091 500
Other assets 17,904 11,297 10,442 10,281 6,800
--------- --------- --------- --------- ---------
TOTAL ASSETS $ 217,407 $ 206,162 $ 187,406 $157,395 $ 143,730
========= ========= ========= ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and capital leases $ 9,713 $ 9,633 $ 9,293 $ 8,641 $ 4,558
Accounts payable and accrued expenses 25,780 25,603 21,535 10,704 20,138
Deferred revenue 1,847 244 429 375 24
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TOTAL CURRENT LIABILITIES 37,340 35,480 31,257 19,720 24,720
Long-term debt and capital leases, 10,753 13,114 14,687 15,552 9,402
less current portion
Other long-term liabilities 3,932 4,206 4,731 3,161 3,393
Deferred revenue - non-current 2,050 -- -- -- --
Deferred income taxes 13,185 7,314 5,183 4,711 4,103
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TOTAL LIABILITIES 67,260 60,114 55,858 43,144 41,618
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Commitments and contingencies
Stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 305 304 300 292 287
Additional paid-in capital 65,157 64,405 59,745 50,845 45,487
Stockholders' notes receivable -- -- -- (1,488) (1,466)
Treasury stock (12,382) (8,562) (8,562) (6,963) (6,491)
Retained earnings 97,067 89,901 80,065 71,565 64,295
--------- --------- --------- --------- ---------
Total stockholders' equity 150,147 146,048 131,548 114,251 102,112
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 217,407 $ 206,162 $ 187,406 $ 157,395 $ 143,730
========= ========= ========= ========= =========
(1) Net of allowance for doubtful accounts of: 533 591 516 526 521
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MULTIMEDIA GAMES, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per-share amounts)
Year Ended Period Ended
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Sept. 30, Sept. 30, June 30, March 31, Dec. 31,
2004 2004 2004 2004 2003
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REVENUES:
Gaming revenue - Class II $ 119,584 $ 30,109 $ 29,044 $ 31,184 $ 29,247
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Gaming revenue - All Other 20,568 7,844 6,331 4,984 1,409
Player terminal and license sale and lease revenue 11,546 4,353 805 3,011 3,377
Other 1,977 394 740 421 422
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Total revenues 153,675 42,700 36,920 39,600 34,455
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OPERATING COSTS AND EXPENSES:
Bingo prizes and related costs --- --- --- --- ---
Cost of player terminals and licenses sold 6,560 2,320 666 1,886 1,688
Selling, general and administrative expenses 59,429 17,634 12,951 15,480 13,364
Amortization and depreciation 37,255 11,085 9,765 8,553 7,852
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Total operating costs and expenses 103,244 31,039 23,382 25,919 22,904
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Operating income 50,431 11,661 13,538 13,681 11,551
OTHER INCOME (EXPENSE):
Interest income 1,120 214 178 365 363
Interest expense (1,494) (427) (429) (415) (223)
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Income before income taxes 50,057 11,448 13,287 13,631 11,691
Income tax expense (17,285) (4,282) (3,451) (5,131) (4,421)
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Net income $ 32,772 $ 7,166 $ 9,836 $ 8,500 $ 7,270
========== ========= ========= ========= =========
Basic earnings per share $ 1.19 $ 0.26 $ 0.35 $ 0.31 $ 0.27
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Diluted earnings per share $ 1.07 $ 0.24 $ 0.32 $ 0.28 $ 0.24
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Shares used in per-share calculation
Basic 27,467 28,007 27,873 27,282 26,710
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Diluted 30,636 30,285 30,936 30,840 30,487
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Net income $ 32,772 $ 7,166 $ 9,836 $ 8,500 $ 7,270
Amortization and depreciation 37,255 11,085 9,765 8,553 7,852
Interest expense (income), net 374 213 251 50 (140)
Income tax expense 17,285 4,282 3,451 5,131 4,421
---------- --------- --------- --------- ---------
EBITDA $ 87,686 $ 22,746 $ 23,303 $ 22,234 $ 19,403
========== ========= ========= ========= =========
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MULTIMEDIA GAMES, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per-share amounts)
Year Ended Period Ended
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Sept. 30, Sept. 30, June 30, March 31, Dec. 31,
2003 2003 2003 2003 2002
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REVENUES:
Gaming revenue - Class II $ 102,292 $ 28,228 $ 24,051 $ 25,274 $ 24,739
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Gaming revenue - All Other 4,365 1,233 1,068 1,047 1,017
Player terminal and license sale and lease revenue 16,322 699 12,489 2,491 643
Other 1,694 584 384 310 416
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Total revenues 124,673 30,744 37,992 29,122 26,815
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OPERATING COSTS AND EXPENSES:
Bingo prizes and related costs 1,175 4 68 383 720
Cost of player terminals and licenses sold 8,535 370 7,163 568 434
Selling, general and administrative expenses 41,946 12,160 10,599 10,127 9,060
Amortization and depreciation 22,286 6,767 5,684 5,281 4,554
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Total operating costs and expenses 73,942 19,301 23,514 16,359 14,768
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Operating income 50,731 11,443 14,478 12,763 12,047
OTHER INCOME (EXPENSE):
Interest income 328 65 71 82 110
Interest expense (309) (64) (187) (41) (17)
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Income before income taxes 50,750 11,444 14,362 12,804 12,140
Income tax expense (19,095) (4,046) (5,498) (4,861) (4,690)
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Net income $ 31,655 $ 7,398 $ 8,864 $ 7,943 $ 7,450
========== ========= ========= ========= =========
Basic earnings per share $ 1.22 $ 0.28 $ 0.34 $ 0.31 $ 0.29
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Diluted earnings per share $ 1.08 $ 0.25 $ 0.30 $ 0.28 $ 0.25
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Shares used in per-share calculation
Basic 25,993 26,319 25,999 25,845 25,815
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Diluted 29,417 29,777 29,635 28,614 29,647
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Net income $ 31,655 $ 7,398 $ 8,864 $ 7,943 $ 7,450
Amortization and depreciation 22,286 6,767 5,684 5,281 4,554
Interest expense (income), net (19) (1) 116 (41) (93)
Income tax expense 19,095 4,046 5,498 4,861 4,690
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EBITDA $ 73,017 $ 18,210 $ 20,162 $ 18,044 $ 16,601
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