Bally’s Slot Machines Pay Off

Bally Technologies had just come off of a bad year, where their financial stability had been called into question and it seemed like they were fighting off the sharks. However, any doubts that anyone still had about what a powerhouse Bally is were put to rest with the reporting of their net income this week.

The slot machine manufacturer reported a third consecutive profitable quarter this week, and beat all analyst’s expectations. They had spent the last two years restating their earnings going back to 2005 – has reported a net income of $24.4 million. This equates to $0.42 per share. Income for the for the first six months of fiscal year 2008 is already at $45.7 million or $0.79 per share.

The company says that they are simply riding the momentum that the slot machine company is currently experiencing. Per CEO Richard Haddrill, “each of [their] technology components were at record levels for the current quarter.”

Analysts are remarking at how different the numbers are now from where they were. Losses of $2.5 million for the quarter and $2.7 million for the same six month period last year show that the company has turned itself around. They say that not only are they turning it around but they are aiming higher as well.

The company says that they are increasing their expected revenues to $875 million, and that they are projecting earnings of $1.60 to $1.90 per share for the year ending June 30th. Before they said that they thought they might hit $1.55 to $1.85 per share, so they have increased their amounts.

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