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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Shfl Entertainment, Inc. (MM) | NASDAQ:SHFL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.20 | 0 | 01:00:00 |
LAS VEGAS, March 4, 2013 /PRNewswire/ -- SHFL entertainment, Inc. (NASDAQ Global Select Market: SHFL) ("SHFL" or the "Company") today announced its results for the first quarter ended January 31, 2013.
(Logo: http://photos.prnewswire.com/prnh/20121008/LA88315LOGO)
"I'm pleased to report record first quarter revenue and several other highlights including continued strong performance in Asia, which is the fastest-growing gaming market in the world. PTG continued to grow 12% year-over-year and, more impressively, the majority of revenue is recurring. With 29% year-over-year revenue growth, our Utility segment achieved standout results with over 470 MD3 shuffler placements, many of which were replacements," said Gavin Isaacs, SHFL's Chief Executive Officer. "The collective strength of our product categories delivered an overall solid quarter and we intend to continue capitalizing on our unique business model to drive profitable, long-term growth for our shareholders."
First Quarter 2013 Financial Highlights
"The diversity of our product segments among our widespread geographies enabled us to report year-over-year revenue growth despite seasonality in our EGM business in the first quarter, typically our softest of the year," said Linster Fox, SHFL's Chief Financial Officer. "We remain committed to investing internally in our team and in our products, expanding our business both internationally and online, and looking for accretive M&A opportunities that are a strategic fit. Our solid balance sheet and consistently strong cash flows affords us the flexibility to pursue these growth initiatives."
First Quarter 2013 Business Segment Highlights
Utility
Proprietary Table Games2
Electronic Table Systems
Electronic Gaming Machines
Further detail and analysis of the Company's financial results for the first quarter ended January 31, 2013, is included in its Form 10-Q, which the Company intends to file with the Securities and Exchange Commission today, March 4, 2013.
Webcast & Conference Call Information
Company executives will provide additional perspective on the Company's first quarter results during a conference call on March 4, 2013 at 2:00 pm Pacific Time. Those interested in participating in the call may do so by dialing (201) 689-8263 or toll-free (877) 407-0792 and requesting SHFL entertainment's First Quarter 2013 Conference Call. A hardcopy of the presentation materials may be printed from the SHFL entertainment, Inc. Investor Relations website, http://ir.shfl.com, shortly before the start of the call. In conjunction with the call, a live audio webcast and a Company slide presentation highlighting first quarter performance may be accessed at http://ir.shfl.com. In order to access the live audio webcast please allow at least 15 minutes before the start of the call to visit SHFL entertainment's Investor Relations website and download/install any necessary audio/video software for the webcast. Immediately following the call and through April 4, 2013, a playback can be heard 24-hours a day by dialing (858) 384-5517 or toll-free (877) 870-5176; replay pin number 408721. Highlights from the conference call can be accessed on the Company's Investor Relations Twitter account, @SHFL_News.
About SHFL entertainment, Inc.
SHFL entertainment, Inc. is a leading global gaming supplier committed to making gaming more fun for players and more profitable for operators through product innovation, and superior quality and service. The Company operates in legalized gaming markets across the globe and provides state-of-the-art, value-add products in five distinct categories: Utility products, which include automatic card shufflers and roulette chip sorters; Proprietary Table Games, which includes live games, side bets and progressives; Electronic Table Systems, which include various e-Table game platforms; Electronic Gaming Machines, which include video slot machines; and newly introduced iGaming, which features online versions of SHFL entertainment's table games, social gaming, and mobile applications. The Company is included in the S&P SmallCap 600 Index. Information about the Company and its products can be found on the Internet at www.shfl.com, or on Facebook and Twitter.
Forward Looking Statements
This release contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements included in this release other than statements that are purely historical are forward-looking statements. Forward-looking statements in this press release include without limitation: (a) the Company's intention to invest in its business, including its new iGaming business, will position it for long-term sustainable growth; (b) the Company's belief that EPS, Adjusted EBITDA and Free Cash Flow are useful, widely referenced performance measures in the Company's industry and the Company's belief that references to them are helpful to investors; (c) the Company's estimates of diluted EPS and Adjusted EBITDA and the assumptions upon which they are based; (d) the Company's belief in investing in its team, products, expansion of its business, and accretive M&A opportunities that are a strategic fit and that its balance sheet and cash flows will afford it the ability to pursue these initiatives; (e) the Company's ability to develop products that achieve commercial success in the very competitive marketplace in which the Company operates; (f) the fact that the Company competes in a single industry and is dependent on the success of its customers and the risks that impact the Company's customers, including a change in demand for gaming, a downturn in general worldwide economic conditions, or the gaming industry may adversely impact the Company or its results of operations. The Company's beliefs, expectations, forecasts, objectives, anticipations, intentions and strategies regarding the future, including without limitation those concerning expected operating results, revenues and earnings are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from results contemplated by the forward-looking statements, including but not limited to: (a) inability to accomplish the Company's innovation objectives or unexpected factors that limit or eliminate the Company's ability to implement its strategic plan or undertake or complete any of its growth initiatives, including iGaming; (b) inaccuracies in the Company's assumptions as to the financial measures that investors use or the manner in which such financial measures may be used by such investors; (c) reduced demand for or increased competition with the Company's products that affects its EPS and Adjusted EBITDA; (d) unexpected changes to the Company's balance sheet or cash flows that would impede the Company's ability to pursue initiatives such as investing in its team, products or expansion of its business or the Company's inability to locate suitable accretive M&A opportunities; (e) the Company's inability to accurately gauge the commercial appeal of its products; and (f) unexpected changes in the market and economic conditions and reduced demand for or increased competition with the Company's products. Additional information on risk factors that could potentially affect the Company's financial results may be found in documents filed by the Company with the Securities and Exchange Commission, including the Company's current reports on Form 8-K, quarterly reports on Form 10-Q and its latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. The Company does not intend, and assumes no obligation, to update any forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.
1 Free Cash Flow is Adjusted EBITDA less capital expenditures and cash paid for taxes.
2 As of FY 13, revenues from the iGaming segment are being reported separately from the Proprietary Table Games segment.
SHFL ENTERTAINMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||
Three Months Ended | |||||
January 31, | |||||
2013 |
2012 | ||||
Revenue: |
|||||
Product leases and royalties |
$ 29,352 |
$ 25,953 | |||
Product sales and service |
29,432 |
30,100 | |||
Total revenue |
58,784 |
56,053 | |||
Costs and expenses: |
|||||
Cost of leases and royalties |
9,872 |
8,951 | |||
Cost of sales and service |
11,040 |
11,281 | |||
Gross profit |
37,872 |
35,821 | |||
Selling, general and administrative |
20,046 |
17,180 | |||
Research and development |
8,247 |
7,527 | |||
Total costs and expenses |
49,205 |
44,939 | |||
Income from operations |
9,579 |
11,114 | |||
Other income (expense): |
|||||
Interest income |
154 |
139 | |||
Interest expense |
(224) |
(477) | |||
Other, net |
(45) |
175 | |||
Total other income (expense) |
(115) |
(163) | |||
Income from operations before tax |
9,464 |
10,951 | |||
Income tax provision |
2,400 |
3,302 | |||
Net income |
$ 7,064 |
$ 7,649 | |||
Basic earnings per share: |
$ 0.12 |
$ 0.14 | |||
Diluted earnings per share: |
$ 0.12 |
$ 0.14 | |||
Weighted average shares outstanding: |
|||||
Basic |
56,680 |
55,064 | |||
Diluted |
57,361 |
55,653 |
SHFL ENTERTAINMENT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) | |||||
January 31, |
October 31, | ||||
2013 |
2012 | ||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$34,185 |
$24,160 | |||
Accounts receivable, net of allowance for bad debts of $462 and $491 |
36,349 |
45,708 | |||
Investment in sales-type leases and notes receivable, net of allowance for bad debts of $9 and $8 |
|||||
9,333 |
9,287 | ||||
Inventories |
25,438 |
21,906 | |||
Prepaid income taxes |
6,343 |
4,053 | |||
Deferred income taxes |
4,883 |
4,622 | |||
Other current assets |
7,227 |
6,901 | |||
Total current assets |
123,758 |
116,637 | |||
Investment in sales-type leases and notes receivable, net of current portion |
5,824 |
6,310 | |||
Products leased and held for lease, net |
33,241 |
34,639 | |||
Property and equipment, net |
17,878 |
17,417 | |||
Intangible assets, net |
61,093 |
62,836 | |||
Goodwill |
86,755 |
84,950 | |||
Deferred income taxes |
3,735 |
5,183 | |||
Other assets |
3,042 |
3,079 | |||
Total assets |
$335,326 |
$331,051 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Accounts payable |
$5,836 |
$6,702 | |||
Accrued liabilities and other current liabilities |
15,647 |
22,402 | |||
Deferred income taxes |
16 |
16 | |||
Customer deposits |
3,444 |
3,383 | |||
Income tax payable |
3,956 |
4,179 | |||
Deferred revenue |
4,793 |
4,799 | |||
Total current liabilities |
33,692 |
41,481 | |||
Long-term debt, net of current portion |
1,301 |
1,303 | |||
Other long-term liabilities |
2,099 |
2,004 | |||
Deferred income taxes |
1,778 |
1,493 | |||
Total liabilities |
38,870 |
46,281 | |||
Commitments and Contingencies (See Note 11) |
|||||
Shareholders' equity: |
|||||
Common stock, $0.01 par value; 151,368 shares authorized; 56,199 and 55,973 shares issued and outstanding |
|||||
562 |
560 | ||||
Additional paid-in capital |
137,284 |
135,758 | |||
Retained earnings |
126,508 |
119,444 | |||
Accumulated other comprehensive income |
32,102 |
29,008 | |||
Total shareholders' equity |
296,456 |
284,770 | |||
Total liabilities and shareholders' equity |
$335,326 |
$331,051 | |||
SHFL ENTERTAINMENT, INC. SUPPLEMENTAL DATA (Unaudited, in thousands) | |||
Three Months Ended | |||
January 31, | |||
2013 |
2012 | ||
Cash Flow Data: |
|||
Cash provided by operating activities |
$13,211 |
$ 16,443 | |
Cash used in investing activities: |
|||
Payments for products leased and held for lease |
$ (2,845) |
$ (3,850) | |
Purchases of property and equipment |
(1,427) |
(882) | |
Purchases of intangible assets |
(48) |
(4,030) | |
Acquisition of business |
- |
(5,500) | |
Proceeds from sale of leased assets |
1,153 |
41 | |
Other |
(240) |
(218) | |
$ (3,407) |
$(14,439) | ||
Cash provided by (used in) financing activities |
$ 836 |
$ 1,734 | |
Free cash flow (4) |
$ 9,617 |
$ 7,890 | |
Reconciliation of net income to Adjusted EBITDA: |
|||
Net income |
$ 7,064 |
$ 7,649 | |
Other expense (income) |
115 |
163 | |
Share-based compensation |
1,409 |
932 | |
Income tax provision |
2,400 |
3,302 | |
Depreciation and amortization |
6,888 |
6,017 | |
Ongame acquisition expenses |
- |
205 | |
Adjusted EBITDA (3) |
$17,876 |
$ 18,268 | |
3. |
Adjusted EBITDA is earnings before other expense (income), provision for income taxes, depreciation and amortization expense, Ongame acquisition expenses, and share-based compensation. Adjusted EBITDA is presented exclusively as a supplemental disclosure because management believes that it is a useful performance measure and is widely used to measure performance, and as a basis for valuation, within the Company's industry. Adjusted EBITDA is not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison. Management uses Adjusted EBITDA as a measure of the operating performance and to compare the operating performance with those of its competitors. The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming equipment suppliers have historically reported Adjusted EBITDA as a supplement to financial measures in accordance with U.S. generally accepted accounting principles ("GAAP"). Adjusted EBITDA should not be considered as an alternative to operating income (loss), as an indicator of the Company's performance, as an alternate to cash flows from operating activities, as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted EBITDA does not include depreciation and amortization or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using Adjusted EBITDA as only one of several comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include operating income (loss), net income (loss), cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in Adjusted EBITDA. |
4. |
Free cash flow is Adjusted EBITDA less capital expenditures and cash paid for taxes. |
SHFL ENTERTAINMENT, INC. BUSINESS SEGMENT DATA (Unaudited, in thousands) | |||||
Three Months Ended | |||||
January 31, | |||||
2013 |
2012 | ||||
Utility: |
|||||
Revenue |
$25,284 |
$19,616 | |||
Gross profit |
16,057 |
11,183 | |||
Gross margin |
63.5% |
57.0% | |||
Proprietary Table Games: |
|||||
Revenue |
$12,828 |
$11,425 | |||
Gross profit |
10,505 |
9,292 | |||
Gross margin |
81.9% |
81.3% | |||
Electronic Table Systems: |
|||||
Revenue |
$ 7,105 |
$ 8,264 | |||
Gross profit |
2,970 |
4,129 | |||
Gross margin |
41.8% |
50.0% | |||
Electronic Gaming Machines: |
|||||
Revenue |
$13,317 |
$14,498 | |||
Gross profit |
8,093 |
8,967 | |||
Gross margin |
60.8% |
61.8% | |||
iGaming: |
|||||
Revenue |
$ 250 |
$ 2,250 | |||
Gross profit |
247 |
2,250 | |||
Gross margin |
98.8% |
100.0% | |||
Total: |
|||||
Revenue |
$58,784 |
$56,053 | |||
Gross profit |
37,872 |
35,821 | |||
Gross margin |
64.4% |
63.9% | |||
Adjusted EBITDA |
17,876 |
18,268 | |||
as a percentage of total revenue |
30.4% |
32.6% | |||
Income from operations |
$ 9,579 |
$11,114 | |||
as a percentage of total revenue |
16.3% |
19.8% |
SOURCE SHFL entertainment, Inc.
Copyright 2013 PR Newswire
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