WMS sees revenues, profits fall in second quarter

LAS VEGAS, Nevada -- Slot machine maker WMS Industries said Thursday its second quarter revenues and profits declined when compared with the same quarter a year ago but had showed an increase over the first quarter.

The company, which is based in Waukegan, Ill., believe the issues that plagued its financial performance last year are in the past.

"Since the second half of fiscal 2011, we have acted decisively to realign our product plans to address near-term customer needs and revenue opportunities, redirect resources to support the commercialization of new products and rightsize the organization to match current operating conditions to position WMS for a return to growth," company Chairman and CEO Brian Gamache said in a statement.

WMS said it had net income of $16.1 million, or 29 cents per share, in the quarter that ended Dec. 31, down from net income of $27 million, or 46 cents per share, a year earlier.

In the quarter that ended Sept. 30, WMS executives pointed out, the company earned 7 cents per share.

"We expect quarterly sequential improvements in revenues and operating margin to accelerate in the second half of fiscal 2012," Gamache said.

WMS had revenues of $162.2 million in the second quarter, down 18.9 percent from $199.9 million a year earlier. In the quarter that ended Sept. 30, WMS had revenues of $155.6 million.