Multimedia Games Third Quarter Revenue up by 40 Percent Multimedia Games Third Quarter Revenue up by 40 Percent August 4, 1997 12:16 PM EDT
TULSA, Okla.--(BUSINESS WIRE)-- Multimedia Games, Inc. (NASDAQ: MGAM) announced today that the company had earned $405,000.00 or eight cents per share on revenue of $10,306,000 for the third quarter ending June 31, 1997.
These numbers compare to earnings of $109,000 or two cents per share and revenue of $6,083,000 for the third quarter of 1996.
Gordon Graves, CEO and chairman of the board, said "Our overall financial performance for the third quarter met our projections; however, more of the mix came from the sale of electronic player stations rather than from MegaMania operating fees as previously projected.
"During the past few months, our MegaMania operational base did not grow as much as expected because the National Indian Gaming Commission expressed concern as to whether they would continue to support the operation of MegaMania as a legal game throughout Indian Country. We made a number of significant changes to the game in response to their concerns, and on July 23, 1997, the Commission sent us a letter confirming that the game was a Class II game, which means that in their opinion, it can be operated in Indian Country from any of the 200 plus sites where bingo games are conducted.
"This letter does not prevent some U.S. Attorney or State Attorney General from challenging the tribes' right to run the game in the future as they have before, but the letter certainly puts the tribes in a much stronger position to defend themselves."
Multimedia Games, Inc., through its wholly owned subsidiary MegaBingo, Inc., has exclusive contracts with over 50 Indian nations to provide linked games that are integrated among multiple halls. Multimedia Games, Inc. is the nation's leading provider of linked, high-stakes bingo games, electronic based interactive bingo games, and associated data processing services and products to the Indian gaming industry.
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