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WMS reports earnings drop

Monday, Oct. 28, 2002 | 11:32 a.m.

Chicago-area slot machine maker WMS Industries reported a decline in net income for the first quarter stemming from a lack of new game approvals following a software glitch that has required an overhaul of the technology used to run the games.

The company earned 2 cents per share -- 1 cent short of analysts' average estimates -- compared to 18 cents a year ago.

Cash flow declined 47 percent, to $7.3 million, and revenues decreased by 8 percent, to $42.4 million.

"During the quarter WMS made measurable progress on the execution of its technology improvement plan and efforts to expand its product offerings, while achieving profitable results in its historically slowest quarter," President and Chief Executive Officer Brian Gamache said last week in announcing the results.

WMS has received approvals from Nevada and Mississippi gaming regulators for a new operating system and has also received approval for some new games beginning in September. The company's software glitch had stalled the process of approving new games for nearly a year.

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