TULSA, Okla. -- Multimedia Games, Inc. (Nasdaq: MGAM) reported in August that its profits have skyrocketed over the past year by an astounding 250 percent.
The company announced August 12 that the net income for the nine months ended June 30, 1998 rose from $442,000 to $1,547,000. Most of the growth in revenue resulted from increased fees collected for the operation of its high speed, electronic, interactive bingo games (MegaMania, FlashCash, and CornerCash). For the first nine months of fiscal 1998, fees from the operation of these interactive bingo games increase from $13,669,000 to $32,817,000 or and increase of 140 percent. Total revenue for the current nine-month period was $49,288,000 as compared to $26,156,000 for the same period last year. Basic earnings per share for the nine-months ended June 30, 1998 was $0.28 vs. $0.09, a 211percent increase over the same period last year.
Net income for the third fiscal quarter, ending June 30, 1998, was up 133 percent over the third quarter of fiscal year 1997 from $405,000 to $944,000. Revenue for the current quarter was $19,476,000 as compared to $10,306,000 for the third quarter of fiscal 1997, an increase of 89 percent. Basic earnings per share for the quarter ended June 30, 1998 was $0.17 vs. $0.09, and 89% increase over the comparable quarter of 1997.
Multimedia Games, Inc., through its wholly owned subsidiary MegaBingo, Inc., has exclusive contracts with over 50 Native American Indian nations to provide linked games that are integrated among multiple halls. It is a leading provider of linked, high-stakes bingo games, electronic interactive bingo games, and associated data processing services and products to the Native American gaming industry.