Bally Technologies jumps on strong 4Q results

Bally Technologies shares jump on stronger-than-expected 4th-qtr results

Associated Press

NEW YORK (AP) -- Shares of Bally Technologies Inc. jumped 8 percent Friday, a day after the casino game maker reported better-than-expected profits and revenue from the fourth quarter.

The Las Vegas company earned $26.3 million, or 61 cents per share, compared with $25.5 million, or 51 cents per share, a year ago.

Adjusted to exclude some one-time items, Bally said it earned 78 cents per share.

Revenue rose 15 percent to $245.8 million.

Analysts polled by FactSet, who tend to exclude one-time gains and losses, forecast a profit of 77 cents per share on revenue of $244.3 million.

The company said it increased installations of its gaming units with a progressive jackpot — those with a prize that gets bigger until someone wins —by 500 in the fourth quarter thanks to new branded machines featuring Michael Jackson and the movie Grease.

Sales of new gaming devices were the strongest in more than three years.

Shares of Bally Technologies Inc. added $3.27, to reach $45.26 in afternoon trading Friday, after earlier hitting as high as $46.24. The stock is near its year high of $49.32.

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