Attached files
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| 8-K - FORM 8-K - SHFL entertainment Inc. | shuffle_8k-060412.htm |
Exhibit 99.1
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SHUFFLE MASTER, INC.
1106 Palms Airport Dr.
Las Vegas, NV 89119
www.shufflemaster.com
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News Release
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FOR FURTHER INFORMATION CONTACT:
Julia Boguslawski
Investor Relations/ Corporate Communications
ph: (702) 897-7150
fax: (702) 270-5161
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Gavin Isaacs, CEO
Linster W. Fox, CFO
ph: (702) 897-7150
fax: (702) 270-5161
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SHUFFLE MASTER, INC. REPORTS SECOND QUARTER 2012 RESULTS
Shuffle Master Achieves Record Quarterly Revenue of $66.1 Million and Double Digit EPS Growth
LAS VEGAS, Nevada, Monday, June 4, 2012 - Shuffle Master, Inc. (NASDAQ Global Select Market: SHFL) (“Shuffle Master” or the “Company”) today announced its results for the second quarter ended April 30, 2012.
"We delivered our best quarterly revenue to date, driving 21% earnings per share growth, or 43% excluding expenses incurred in connection with the proposed acquisition of Ongame. The second quarter yielded exceptional results from nearly every product category, particularly our Utility and EGM segments, with the MD3 shuffler and the Equinox cabinet driving overall segment performance. Our specialty table games business grew an impressive 13% year-over-year driven almost entirely by recurring revenue. Our e-Table segment is in a period of transition and remains a key area of focus for us. We believe that new innovations, such as the i-Table Roulette and the new Multigame enhancement for our Rapid Table Games, will help drive improved performance," said Gavin Isaacs, Chief Executive Officer of Shuffle Master. “We are confident that our continued strong momentum across our core businesses and the rollout of our interactive initiatives are key drivers of our future earnings potential and will write the next chapter of our profitable growth story.”
Page 1 of 11
Second Quarter 2012 Financial Highlights
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Total revenue increased year-over-year by 10% to $66.1 million, a quarterly record, due to strong Utility and Electronic Gaming Machine (“EGM”) performance as well as lease, royalty and service revenue (“recurring revenue”) growth in the Company’s Utility and Proprietary Table Games (“PTG”) segments.
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Total recurring revenue was up 11% year-over-year and totaled $28.9 million.
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GAAP net income grew 23% year-over-year to $9.7 million.
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Diluted earnings per share ("EPS") grew 21% year-over-year to $0.17, compared to $0.14 in the prior year period. Excluding expenses incurred in connection with the proposed Ongame acquisition, EPS was $0.20.
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Gross margin increased 400 basis points year-over-year to approximately 64%, due primarily to increased segment margin performance in the Utility, PTG and EGM segments.
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Operating income margin increased 200 basis points year-over-year to 22%. Excluding expenses incurred in connection with the proposed Ongame acquisition, operating margin was 25% in the second quarter.
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Adjusted EBITDA was a quarterly record, totaling $23.7 million, up 25% from $19.0 million in the year-ago quarter.
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Selling, general and administrative ("SG&A") expenses increased $2.7 million year-over-year to $19.8 million for the quarter, largely driven by $1.5 million of expenses incurred in connection with the proposed Ongame acquisition, in addition to the hiring of several executive level positions during the 2011 fiscal year, the company filled the Chief Executive Officer and General Counsel positions and hired a Chief Strategy Officer. These positions, in addition to sales and profit driven compensation expenses due to increased revenue compared to the year-ago quarter, also largely contributed to the increase.
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Page 2 of 11
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Net debt (total debt, less cash and cash equivalents) was $0.3 million, as compared to $17.1 million as of October 31, 2011.
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Free Cash Flow1, a non-GAAP financial measure, was $11.8 million, a decrease of 23% year-over-year primarily due to an increase in cash taxes paid as compared to the prior year period, in addition to an increase in capital expenditures related to the Company’s land purchase in Las Vegas for a new consolidated facility.
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"Our balance sheet remains one of the strongest in the industry – and our numbers confirm it," said Lin Fox, Chief Financial Officer of Shuffle Master. "We generated $20.6 million of operating cash flow in the six month period ended April 30, 2012, ending the second quarter of fiscal 2012 with net debt at virtually zero. We have the financial flexibility we need to invest in the business and fund compelling growth initiatives.”
Second Quarter 2012 Business Segment Highlights
Utility
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Total Utility recurring revenue of $13.3 million grew 12% year-over-year, driven primarily by increased MD3™ shuffler leases in the United States and Asia.
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Total Utility revenue grew 30% to a record $25.0 million, largely due to strong shuffler sales as a result of several new casino openings in the U.S., growing the shuffler footprint on existing tables, and replacements of previously sold shufflers in Asia.
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1 Free Cash Flow is Adjusted EBITDA less capital expenditures and cash paid for taxes.
Page 3 of 11
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The Company achieved a record lease installed base of 8,261 shufflers, a 14% increase in units year-over-year. Approximately 240 new leases were netted in the second quarter.
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Gross margin increased year-over-year from 60% to approximately 65%, due primarily to the significant increase in total revenue.
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The total MD3™ installed base grew to approximately 950 units, of which 57% are units on lease.
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Proprietary Table Games
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Total PTG recurring revenue for the second quarter increased 13% year-over-year to a record $11.8 million, primarily due to increased placements of premium games Ultimate Texas Hold’em® and Mississippi Stud®, side bets Fortune Pai Gow Poker and Fire Bet, and continued momentum in progressive upgrades.
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Total PTG revenue increased by 13% year-over-year to $11.9 million, driven by strong lease placements across all PTG categories: premium, side bets and progressives.
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Gross margin increased 240 basis points year-over-year to 82% due to the overall increase in revenue.
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The progressive installed base totaled over 1,100 units, up 384 units from the year-ago quarter. Strong placements were fueled by installs of Fortune Pai Gow Poker® Progressive, Three Card Poker Progressive, and Ultimate Texas Hold’em® Progressive, and to a lesser extent, new inter-casino progressive upgrades (“O-WAP”).
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Electronic Table Systems
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Total ETS recurring revenue of $3.7 million remained relatively flat year-over-year.
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Total ETS revenue for the quarter declined 42% year-over-year to $6.9 million due to an 80% decrease in sales revenue. The prior year period included approximately $5.0 million in sales of Vegas Star® and Rapid Table Games in Australia.
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Page 4 of 11
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Gross margin declined 190 basis points year-over-year to 39%, driven by the significant reduction in sales revenue.
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Electronic Gaming Machines
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Total EGM revenue grew 21% to $22.2 million compared to the prior year period, driven by the continued success of the Equinox™ offerings.
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Gross margin grew 90 basis points year-over-year to 62% due to the increase in units sold, as well as higher average sales prices. The new Super Topbox games on the Equinox drove higher average sales prices in the quarter.
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Total placements of 1,178 EGMs in the second quarter grew 22% from the prior year period, driven by Equinox placements into Australia, specifically Victoria, and to a lesser extent increased placements in Latin America and Asia.
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Further detail and analysis of the Company's financial results for the second quarter ended April 30, 2012, is included in its Form 10-Q, which has been filed with the Securities and Exchange Commission today, June 4, 2012.
Webcast & Conference Call Information
Company executives will provide additional perspective on the Company’s second quarter results during a conference call on June 4, 2012 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 Shuffle Master’s Second Quarter 2012 Conference Call. A hardcopy of the presentation materials may be printed from the Shuffle Master, Inc. Investor Relations website, http://ir.shufflemaster.com, shortly before the start of the call. In conjunction with the call, a live audio webcast and a Company slide presentation highlighting second quarter performance may be accessed at http://ir.shufflemaster.com. In order to access the live audio webcast please allow at least 15 minutes before the start of the call to visit Shuffle Master’s Investor Relations website and download/install any necessary audio/video software for the webcast. Immediately following the call and through July 4, 2012, a playback can be heard 24-hours a day by dialing (858) 384-5517 or toll-free (877) 870-5176; account number is 3055; conference I.D. number is 392994. Highlights from the conference call can be accessed on the Company’s Investor Relations Twitter account, www.twitter.com/shfl_news.
Page 5 of 11
About Shuffle Master, Inc.
Shuffle Master, 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 Shuffle Master’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.shufflemaster.com, or on Facebook, Twitter and YouTube.
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Page 6 of 11
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 ability to successfully implement its strategic, growth, and operational initiatives are subject to many factors, some of which are beyond the Company’s control; (b) the Company’s belief that EPS and Adjusted EBITDA 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 that it will have suitable investment opportunities in the future; (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) unanticipated inability to accomplish the Company’s innovation objectives or unexpected factors that limit or eliminate the Company’s ability to implement its strategic and operational plans or undertake or complete any of its growth initiatives including the rollout of its interactive initiatives; (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) the Company’s inability to target or upon targeting, acquire, suitable investment opportunities that will fund growth initiatives; (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.
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Page 7 of 11
SHUFFLE MASTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended
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Six Months Ended
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April 30,
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April 30,
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2012
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2011
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2012
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2011
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Revenue:
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Product leases and royalties
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$ | 26,947 | $ | 24,264 | $ | 52,900 | $ | 47,840 | ||||||||
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Product sales and service
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39,107 | 35,619 | 69,207 | 55,858 | ||||||||||||
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Total revenue
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66,054 | 59,883 | 122,107 | 103,698 | ||||||||||||
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Costs and expenses:
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Cost of leases and royalties
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9,427 | 8,354 | 18,378 | 15,536 | ||||||||||||
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Cost of sales and service
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14,138 | 15,435 | 25,419 | 22,900 | ||||||||||||
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Gross profit
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42,489 | 36,094 | 78,310 | 65,262 | ||||||||||||
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Selling, general and administrative
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19,804 | 17,060 | 36,984 | 33,261 | ||||||||||||
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Research and development
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7,925 | 6,883 | 15,452 | 12,799 | ||||||||||||
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Total costs and expenses
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51,294 | 47,732 | 96,233 | 84,496 | ||||||||||||
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Income from operations
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14,760 | 12,151 | 25,874 | 19,202 | ||||||||||||
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Other income (expense):
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Interest income
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174 | 126 | 313 | 252 | ||||||||||||
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Interest expense
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(378 | ) | (671 | ) | (855 | ) | (1,372 | ) | ||||||||
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Other, net
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(146 | ) | (1,118 | ) | 29 | (961 | ) | |||||||||
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Total other income (expense)
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(350 | ) | (1,663 | ) | (513 | ) | (2,081 | ) | ||||||||
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Income before income taxes
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14,410 | 10,488 | 25,361 | 17,121 | ||||||||||||
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Income tax provision
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4,675 | 2,542 | 7,977 | 4,371 | ||||||||||||
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Net income
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$ | 9,735 | $ | 7,946 | $ | 17,384 | $ | 12,750 | ||||||||
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Basic earnings per share:
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$ | 0.17 | $ | 0.15 | $ | 0.31 | $ | 0.24 | ||||||||
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Diluted earnings per share:
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$ | 0.17 | $ | 0.14 | $ | 0.31 | $ | 0.23 | ||||||||
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Weighted average shares outstanding:
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Basic
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55,751 | 54,374 | 55,408 | 54,253 | ||||||||||||
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Diluted
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56,653 | 55,010 | 56,154 | 54,953 | ||||||||||||
Page 8 of 11
SHUFFLE MASTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
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April 30,
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October 31,
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2012
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2011
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 22,964 | $ | 22,189 | ||||
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Accounts receivable, net of allowance for bad debts of $465 and $402
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38,952 | 39,713 | ||||||
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Investment in sales-type leases and notes receivable, net of allowance
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for bad debts of $26 and $44
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5,753 | 5,006 | ||||||
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Inventories
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27,138 | 24,335 | ||||||
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Prepaid income taxes
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6,654 | 3,279 | ||||||
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Deferred income taxes
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4,935 | 4,911 | ||||||
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Other current assets
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5,898 | 4,291 | ||||||
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Total current assets
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112,294 | 103,724 | ||||||
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Investment in sales-type leases and notes receivable, net of current portion
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and net of allowance for bad debts of $2 and $5
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4,857 | 3,704 | ||||||
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Products leased and held for lease, net
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35,184 | 35,196 | ||||||
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Property and equipment, net
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15,155 | 12,849 | ||||||
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Intangible assets, net
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67,193 | 66,517 | ||||||
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Goodwill
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85,393 | 85,392 | ||||||
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Deferred income taxes
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2,850 | 3,038 | ||||||
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Other assets
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2,490 | 2,467 | ||||||
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Total assets
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$ | 325,416 | $ | 312,887 | ||||
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$ | 4,415 | $ | 5,001 | ||||
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Accrued liabilities and other current liabilities
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19,887 | 21,135 | ||||||
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Deferred income taxes
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89 | 96 | ||||||
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Customer deposits
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3,333 | 3,407 | ||||||
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Income tax payable
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4,218 | 2,595 | ||||||
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Deferred revenue
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4,031 | 3,862 | ||||||
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Current portion of long-term debt
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501 | 508 | ||||||
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Total current liabilities
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36,474 | 36,604 | ||||||
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Long-term debt, net of current portion
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22,750 | 38,757 | ||||||
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Other long-term liabilities
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2,849 | 2,969 | ||||||
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Deferred income taxes
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2,549 | 942 | ||||||
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Total liabilities
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64,622 | 79,272 | ||||||
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Commitments and Contingencies
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Shareholders' equity:
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Common stock, $0.01 par value; 151,368 shares authorized;
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55,698 and 54,196 shares issued and outstanding
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557 | 542 | ||||||
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Additional paid-in capital
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131,188 | 114,306 | ||||||
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Retained earnings
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98,222 | 80,838 | ||||||
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Accumulated other comprehensive income
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30,827 | 37,929 | ||||||
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Total shareholders' equity
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260,794 | 233,615 | ||||||
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Total liabilities and shareholders' equity
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$ | 325,416 | $ | 312,887 | ||||
Page 9 of 11
SHUFFLE MASTER, INC.
SUPPLEMENTAL DATA
(Unaudited, in thousands)
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FINANCIAL DATA
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Three Months Ended
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Six Months Ended
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April 30,
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April 30,
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2012
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2011
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2011
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Cash Flow Data:
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Cash provided by operating activities
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$ | 4,161 | $ | 8,223 | $ | 20,604 | $ | 16,510 | ||||||||
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Cash used in investing activities:
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Payments for products leased and held for lease
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$ | (2,856 | ) | $ | (2,986 | ) | $ | (6,706 | ) | $ | (7,263 | ) | ||||
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Purchases of property and equipment
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(3,358 | ) | (1,071 | ) | (4,240 | ) | (2,001 | ) | ||||||||
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Purchases of intangible assets
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(73 | ) | (1,235 | ) | (4,103 | ) | (6,145 | ) | ||||||||
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Acquisition of business
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- | - | (5,500 | ) | (6,499 | ) | ||||||||||
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Proceeds from sale of leased assets
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988 | 1,724 | 1,029 | 3,810 | ||||||||||||
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Proceeds from sale of assets
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- | 29 | - | 76 | ||||||||||||
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Other
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(236 | ) | (225 | ) | (454 | ) | (446 | ) | ||||||||
| $ | (5,535 | ) | $ | (3,764 | ) | $ | (19,974 | ) | $ | (18,468 | ) | |||||
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Cash provided by (used in) financing activities
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$ | (2,429 | ) | $ | (5,663 | ) | $ | (695 | ) | $ | 8,861 | |||||
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Free cash flow (2)
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$ | 11,758 | $ | 15,367 | $ | 19,443 | $ | 11,886 | ||||||||
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Reconciliation of income from continuing operations to Adjusted EBITDA:
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Net income
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$ | 9,735 | $ | 7,946 | $ | 17,384 | $ | 12,750 | ||||||||
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Other expense (income)
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350 | 1,663 | 513 | 2,081 | ||||||||||||
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Share-based compensation
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1,117 | 743 | 2,049 | 1,478 | ||||||||||||
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Income tax provision
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4,675 | 2,542 | 7,977 | 4,371 | ||||||||||||
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Depreciation and amortization
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6,380 | 6,115 | 12,397 | 11,876 | ||||||||||||
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Ongame acquisition related expenses
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1,448 | - | 1,448 | - | ||||||||||||
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Adjusted EBITDA (1)
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$ | 23,705 | $ | 19,009 | $ | 41,768 | $ | 32,556 | ||||||||
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1.
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Adjusted EBITDA is earnings before other expense (income), provision for income taxes, depreciation and amortization expense, 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.
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Free cash flow is Adjusted EBITDA less capital expenditures and cash paid for taxes.
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Page 10 of 11
SHUFFLE MASTER, INC.
BUSINESS SEGMENT DATA
(Unaudited, in thousands)
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Three Months Ended
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Six Months Ended
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April 30,
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April 30,
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2012
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2011
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2012
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2011
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Utility:
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Revenue
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$ | 24,990 | $ | 19,172 | $ | 44,606 | $ | 36,533 | ||||||||
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Gross profit
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16,154 | 11,584 | 27,337 | 22,432 | ||||||||||||
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Gross margin
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64.6 | % | 60.4 | % | 61.3 | % | 61.4 | % | ||||||||
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Proprietary Table Games:
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Revenue
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$ | 11,954 | $ | 10,546 | $ | 25,629 | $ | 21,772 | ||||||||
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Gross profit
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9,818 | 8,405 | 21,360 | 17,667 | ||||||||||||
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Gross margin
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82.1 | % | 79.7 | % | 83.3 | % | 81.1 | % | ||||||||
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Electronic Table Systems:
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Revenue
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$ | 6,866 | $ | 11,797 | $ | 15,130 | $ | 19,928 | ||||||||
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Gross profit
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2,684 | 4,837 | 6,813 | 9,487 | ||||||||||||
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Gross margin
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39.1 | % | 41.0 | % | 45.0 | % | 47.6 | % | ||||||||
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Electronic Gaming Machines:
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Revenue
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$ | 22,244 | $ | 18,368 | $ | 36,742 | $ | 25,465 | ||||||||
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Gross profit
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13,833 | 11,268 | 22,800 | 15,676 | ||||||||||||
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Gross margin
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62.2 | % | 61.3 | % | 62.1 | % | 61.6 | % | ||||||||
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Total:
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Revenue
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$ | 66,054 | $ | 59,883 | $ | 122,107 | $ | 103,698 | ||||||||
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Gross profit
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42,489 | 36,094 | 78,310 | 65,262 | ||||||||||||
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Gross margin
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64.3 | % | 60.3 | % | 64.1 | % | 62.9 | % | ||||||||
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Adjusted EBITDA
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as a percentage of total revenue
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35.9 | % | 31.7 | % | 34.2 | % | 31.4 | % | ||||||||
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Income from operations
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as a percentage of total revenue
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22.3 | % | 20.3 | % | 21.2 | % | 18.5 | % | ||||||||
Page 11 of 11