WMS Industries warns revenue will miss previous forecasts
Slot machine maker WMS Industries preannounced its third quarter earnings Monday, anticipating results would be lower-than-expected for the period that ended March 31.
Based upon preliminary financial data, WMS, which is based in the Chicago suburb of Waukegan, Ill., expects total revenue to be approximately $191 million-to-$193 million, which is below the company’s third quarter revenue guidance range of $209 million-to-$215 million.
WMS expects earnings per share to be in a range of 40 cents to 42 cents per share.
“Our third quarter results are clearly a disappointment and reflect several factors including lower-than-anticipated new unit demand in the March 2011 quarter,” said WMS Chief Executive Officer Brian Gamache.
He said approximately $8 million in slot machine sales revenue will be on the books in April, rather than the March quarter. The slot machines weren’t shipped until this month because of “execution challenges.”
In a statement, the company said regulatory approvals have been slow because of the “increased complexity of our newest gaming features and networked-technology enablers.”
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
