Multimedia Games’ First Quarter Revenue Rises 34% to Record $59 Million; EBITDA Increases 31% to $27.9 Million

  Multimedia Games’ First Quarter Revenue Rises 34% to Record $59 Million;
  EBITDA Increases 31% to $27.9 Million

 - Deploys 1,592 New Revenue Units, Including Quarterly Record 1,375 for Sale
               Units and 217 Net Additions to Installed Base -

Business Wire

AUSTIN, Texas -- January 30, 2014

Multimedia Games Holding Company, Inc. (Nasdaq:MGAM) (“Multimedia Games” or
the “Company”) today reported operating results for its fiscal 2014 first
quarter ended December 31,2013, as summarized below:


Summary of 2014 Q1 Results
(In millions, except per-share and unit data)

                                            Three Months Ended
                                               December 31,
                                               2013       2012
Revenue                                        $ 59.2       $ 44.3
Operating income ^ (1)                         $ 15.0       $ 11.4
Net income ^(1)                                $ 9.5        $ 7.1
Diluted earnings per share ^(1)                $ 0.31       $ 0.24
Adjusted diluted earnings per share ^(2)       $ 0.33       $ 0.24
                                                            
EBITDA^(1,3)                                   $ 27.9       $ 21.4
                                                            
Units sold                                       1,375        644
                                                            
Domestic participation installed units:
Average                                          12,520       10,942
Quarter-end                                      12,657       11,188

    
      Operating income, net income, EBITDA and diluted earnings per share for
(1)   the three month period ended December 31, 2013 reflects approximately
      $0.8 million in pre-tax insurance claims in excess of the previous 2
      year quarterly average.
      Adjusted diluted earnings per share represents the add-back of the
(2)   insurance claims incurred during the three month period ended December
      31, 2013 in excess of the previous 2 year quarterly average.
      EBITDA is defined as net income before net interest expense, income
      taxes, depreciation, amortization and accretion of contract rights. A
(3)   reconciliation of EBITDA to net income, the most comparable Generally
      Accepted Accounting Principles (“GAAP”) financial measure, can be found
      attached to this release.
      

Patrick Ramsey, Chief Executive Officer of Multimedia Games, commented, “Our
first quarter results represent a strong start to fiscal 2014, as we generated
record revenue of $59 million, EBITDA growth of over 30% and significant free
cash flow (a non-GAAP measure). Revenue from unit sales increased over 77%
from the prior year quarter as we sold a record 1,375 units to customers
across our expanding addressable market, including 143 units in Nevada and our
first sales in Pennsylvania. In addition, our award-winning TournEvent^® slot
tournament system continues to generate demand, with total first quarter sales
of 407 units to 32 casinos in 14 states.

“Gaming operations revenue rose approximately 12% year over year reflecting
13% year-over-year growth in our installed base or the addition of 1,469 new
units, as well as the addition of 217 new units on a quarterly sequential
basis. Our gaming operations business continues to benefit from strong
acceptance of our premium participation games which are generating a daily
yield that is twice that of our non-premium units. During the quarter, we
added 181 premium participation units to our installed base and these units
now comprise 24% of our total non-Oklahoma installed base compared to 21% at
the end of the prior quarter. This growth in our installed base was partially
offset during the period by weakness in our daily yield in December,
reflecting the decrease in consumer spending seen industry-wide as well as the
impact of severe weather on our customers’ operations, particularly in
Oklahoma. As a result, daily win per unit declined for the first time in 12
quarters.”

Ramsey concluded, “Multimedia Games continues to make solid progress in
deploying a growing number of exciting new games across an increasing number
of markets. We can now address over 80% of domestic slot floors and continue
to pursue licensing initiatives that will further expand the universe of slot
floors we can address. As we continue to sell and place units in newer markets
such as Nevada, New Jersey, Illinois and Pennsylvania, we are simultaneously
increasing our floor share in established markets and believe we can continue
to grow our share for the foreseeable future. Our new game development efforts
are resulting in a growing portfolio of new games and platforms, including our
Maximum Player Experience™ premium participation platform that will debut
later this year. We believe these new offerings will extend our success in
delivering high levels of player satisfaction and strong returns for our
customers, leading to continued top and bottom line growth.”


Summary of Fiscal 2014 First Quarter Operating Results

$ millions except unit, margin and per-share      Three Months Ended
data                                                 December 31,
                                                     2013         2012
Revenue
Total revenue                                        $ 59.2         $ 44.3
                                                                    
Gaming operations                                    $ 33.6         $ 30.0
                                                                    
Gaming equipment and system sales                    $ 24.9         $ 14.0
Sales of units                                         23.9           12.7
Parts and equipment                                    1.0            1.3
                                                                    
Other                                                $ 0.7          $ 0.3
                                                                    
Revenue Metrics
Gaming operations
Quarter-end installed base                             12,657         11,188
Quarter-end premium units installed outside            1,059          318
Oklahoma
Approximate daily win per unit                       $ 25.64        $ 25.87
                                                                    
Gaming equipment and system sales
Units sold                                             1,375          644
Average selling price                                $ 17,366       $ 18,703
                                                                    
Operating Expenses
Total operating costs and expenses                   $ 44.1         $ 32.9
Cost of goods sold                                     15.7           9.5
Gaming operations gross margin                         88.5   %       89.1   %
Gaming equipment and system sales gross margin         52.5   %       55.8   %
Selling, general & administrative                      13.7           11.3
Research and development                               4.3            4.1
Amortization & depreciation                            10.4           8.0
                                                                    
Operating income                                     $ 15.0         $ 11.4
Operating margin                                       25.4   %       25.8   %
                                                                    
Effective income tax rate                              35.8   %       37.2   %
                                                                    
Net income                                           $ 9.5          $ 7.1
                                                                    
Earnings per diluted share                           $ 0.31         $ 0.24
Adjusted earnings per diluted share                  $ 0.33         $ 0.24


Key highlights from the Company’s fiscal 2014 first quarter operating results
include:

  *Gaming operations

       *Revenue rose 12.1% year over year driven by a 1,469 unit
         year-over-year increase in the Company’s installed base of
         participation units, which was partially offset by a year-over-year
         decline in win per unit per day, largely reflecting a significant
         decline in December performance due to the impact of severe weather
         on customer facilities in Oklahoma.
       *The installed base grew by 217 units on a quarterly sequential basis
         despite the sale of 251 units out of the installed base.

            *Added 74 new High Rise Games^® units in Nevada.
            *The installed base of premium participation games increased by
              181 units on a quarterly sequential basis to 1,059 units.

       *Revenue from the Company’s New York Lottery business rose 7.0% year
         over year to $4.1 million.

  *Gaming equipment and system sales

       *Revenue rose 77.7% year over year driven by the sale of a quarterly
         record 1,375 units to customers in 21 markets, including initial
         sales to casinos in Pennsylvania, compared to the sale of 644 units
         to customers in 17 markets in the year-ago quarter.
       *Recorded a large sale of 499 units to a single customer in Alabama,
         of which 221 units were previously on a revenue share arrangement.
       *Total unit sales include 407 TournEvent units at 32 casinos, bringing
         the Company’s TournEvent installed base to approximately 3,529 units
         in 231 casinos.
       *The top three markets for unit sales were Alabama, Nevada and Ohio,
         representing a total of 788 units.

  *Operating expenses

       *The increase in selling, general & administrative (“SG&A”) expenses
         as well as total operating expenses was primarily driven by
         approximately $0.8 million in insurance claims above the previous two
         year quarterly average which impacted diluted earnings per share by
         approximately $0.02.
       *The increase in cost of goods sold primarily reflects the higher
         number of units sold during the fiscal 2014 first quarter compared
         with the year-ago period.
       *SG&A expenses include approximately $1.3 million of non-cash
         stock-based compensation compared to $0.9 million in the prior year
         period.
       *Depreciation and amortization reflects continued increases in the
         installed base and higher amortization expense for capitalized labor.

Balance Sheet Review

Multimedia Games ended the 2014 first fiscal quarter with $112.5 million in
cash and net cash (a non-GAAP measure, which we define as total cash in excess
of total debt) of $83.8 million, versus net cash of $40.9 million at December
31, 2012. Capital expenditures in the fiscal 2014 first quarter were $10.4
million compared to $12.7 million in the year ago period. The Company
generated free cash flow of $14.4 million in the quarter ended December 31,
2013, compared to $1.9 million in the quarter ended December 31, 2012. Please
see the reconciliations to non-GAAP measures included in this release.

During the fiscal 2014 first quarter, the Company repurchased approximately
76,000 shares of its common stock at an average price of $29.30 per share,
excluding commissions, for total consideration of approximately $2.2 million.
As of December 31, 2013, the Company had approximately $33.0 million remaining
under its existing $40.0 million share repurchase authorization which was
announced in November 2012. Since December 2010, the Company has repurchased
approximately 2.6 million shares of its common stock.

Adam Chibib, President and Chief Financial Officer, commented, “Our fiscal
2014 first quarter results demonstrate the strong momentum for our product
portfolio across the Company’s growing total addressable market despite the
continued challenges in the regional gaming markets throughout the U.S. We
believe our ability to successfully enter new markets and increase our
penetration in existing markets, combined with our disciplined fiscal
management, will drive further increases in revenue, operating income, EBITDA,
diluted EPS and free cash flow in fiscal 2014. With a solid balance sheet and
an attractive business model that emphasizes free cash flow generation, we
believe we have the financial flexibility to invest in our business to drive
long-term results while simultaneously returning capital to shareholders.”

Reiterates Fiscal 2014 Outlook

Multimedia Games today reiterated its outlook for fiscal 2014 which was
provided on November 14, 2013. The Company expects to generate revenue of
$217.0-$223.0 million, representing year-over-year growth of approximately
15%-18%. In addition, Multimedia Games expects to generate EBITDA, a non-GAAP
financial measure defined below, of $110.0-$114.5 million, representing
approximately 15%-20% year-over-year growth. Finally, the Company expects its
fiscal 2014 tax rate to be in the range of 36%-38%, compared with its fiscal
2013 tax rate of 32.5%. As a result, fiscal 2014 diluted EPS are expected to
be $1.23-$1.27, representing year-over-year growth of approximately 8%-11%
from reported fiscal 2013 EPS of $1.14 and year-over-year growth of
approximately 16%-20% from adjusted fiscal 2013 EPS of $1.06 as described
below.


Comparison of Fiscal 2014 Guidance to Fiscal 2013 Results
(Inmillions, except per-share and unit sales)

                                          Twelve Months Ended September 30,
                                             2014 Guidance^(1)       2013
Revenue                                      $    217.0 – 223.0        $ 189.4
EBITDA                                       $    110.0 – 114.5        $ 95.7
Depreciation and Amortization                $    42.0 – 44.0          $ 34.8
                                                                       
Diluted earnings per share                   $    1.23 – 1.27          $ 1.14
Pro-forma diluted earnings per               $    1.23 – 1.27          $ 1.06
share^(2)
                                                                       
Unit sales                                        3,700 – 4,000          2,678

    
      Represents Company guidance for fiscal 2014 as previously provided on
(1)  November 14, 2013, with the forecasted diluted EPS range reflecting an
      expected full year tax rate of 36%-38%, versus a 32.5% tax rate in
      fiscal 2013.
      Pro-forma diluted earnings per share for the fiscal 2013 period reflect
(2)   a 37% tax rate applied to the reported income before income taxes for
      both periods.
    


                             Fiscal 2014 Guidance   Fiscal 2013
EPS Reconciliation:             Low         High
As reported                                              $ 1.14
Pro-forma at 37% tax rate                              (0.08)
Pro-forma EPS                   $ 1.23        $ 1.27     $ 1.06


Multimedia Games cautions that market dynamics are constantly changing and as
such, actual results could vary materially from the expectations noted above
based on various factors, such as changes in the Company’s markets,
operations, regulatory requirements, and its estimates and assumptions. See
the risk factors in our publicly-filed Form 10-K’s and subsequent filings and
other items as more fully described in the section below titled “Cautionary
Language.”

2014 First Quarter Conference Call and Webcast

Multimedia Games is hosting a conference call and webcast today, January 30,
2014, beginning at 9:00a.m.ET (8:00a.m.CT). Both the call and the webcast
are open to the general public. The conference call number is 720-545-0001
(domestic or international). Please call five minutes prior to the
presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at
http://ir.multimediagames.com/events.cfm. Approximately two hours after the
call has concluded, an archived version of the webcast will be available for
replay at the same location.

Non-GAAP Financial Measures

See definitions of EBITDA, net cash, free cash flow, adjusted diluted earnings
per share, and pro-forma diluted earnings per share included in the discussion
of Non-GAAP financial measures below.

About Multimedia Games Holding Company, Inc.

Through its wholly owned subsidiary, Multimedia Games, Inc., Multimedia Games
Holding Company, Inc. (“Multimedia Games”) develops and distributes gaming
technology. The company is a creator and supplier of comprehensive systems,
content and electronic gaming units for Native American and commercial
casinos. Revenue is primarily derived from gaming units in operation on
revenue-sharing arrangements. The company also offers and generates revenue
from the sale of gaming units and systems that feature proprietary game
content and game themes licensed from others. Multimedia Games also supplies
the central determinant system for the video lottery terminals (“VLTs”)
installed at racetracks in the State of New York. The company is focused on
pursuing market expansion and new product development for commercial and
tribal casinos and VLT markets. Please visit www.multimediagames.com,
twitter.com/MultimediaGames or facebook.com/MultimediaGames, where Multimedia
Games discloses important information about the company, its sales, and its
business.

Cautionary Language

This press release contains forward-looking statements based on Multimedia
Games' current expectations and projections, which are intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. The words “believe”, “expect”, “continue”,
“intend”, “plan”, “seek”, “estimate", “project”, “may”, “should”, or the
negative or other variations thereof or comparable terminology as they relate
to Multimedia Games and its products, plans, and markets are intended to
identify such forward-looking statements. These forward-looking statements
include, but are not limited to, expectations regarding financial performance;
expectations regarding entry into new markets and expansion in our existing
markets; beliefs regarding market yields; opportunities for future expansion
and expected growth in our floor share in new or existing markets;
expectations regarding our future installed base of participation units;
expected liquidity and capitalization; expectations regarding tax rates;
expectations regarding the share repurchase program and returning capital to
shareholders; drivers of revenue growth; management’s plans and objectives for
future operations; expectations regarding future investments; expenditures and
product development; business prospects; expectations regarding recent and
potential future products; expectations regarding the popularity of new
offerings; anticipated sales performance; industry trends; market conditions;
and other statements that are not historical facts. All forward-looking
statements are based on current expectations and projections of future events.

These forward-looking statements reflect the current views, models, and
assumptions of Multimedia Games, and are subject to various risks and
uncertainties that cannot be predicted or qualified and could cause actual
results in Multimedia Games’ performance to differ materially from those
expressed or implied by such forward looking statements. These risks and
uncertainties include, but are not limited to, the ability of Multimedia Games
to expand and maintain its addressable markets; maintain strategic alliances;
increase unit placements, installations or its installed-base; grow its
revenue, gaming operations or game sales businesses; garner new market share;
secure new licenses and game approvals in new and current jurisdictions;
successfully develop or place proprietary product such as premium games;
comply with regulations; have its games met with approval by customers or
players; reinvest capital; or repurchase shares of its common stock. Please
refer to the Company’s most recent Form 10-K and subsequent filings with the
Securities and Exchange Commission for a further discussion of risks and
uncertainties. All forward-looking statements made herein are qualified by
these cautionary statements and there can be no assurance that the actual
results, events or developments referenced herein will occur or be realized.
Readers are cautioned that all forward-looking statements speak only to the
facts and circumstances present as of the date of this press release.
Multimedia Games expressly disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.


CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31, 2013 and September 30, 2013
(In thousands, except share and per-share amounts)

                                             December 31,   September 30,
ASSETS                                          2013             2013
CURRENT ASSETS:                                 (unaudited)
Cash and cash equivalents                       $  112,464       $  102,632
Accounts receivable, net of allowance for
doubtful accounts
of $342 and $342, respectively                     32,869           26,566
Inventory                                         10,913           12,429
Notes receivable, current                          2,839            2,093
Deferred tax asset                                 7,818            7,818
Prepaid expenses and other                         2,710            2,423
Federal and state income tax receivable           57             2,855    
Total current assets                               169,670          156,816
Property and equipment and leased gaming           79,124           77,458
equipment, net
Intangible assets, net                             33,256           34,723
Notes receivable, non-current                      4,115            4,814
Deferred tax asset, less current portion           2,690            2,690 —
Value added tax receivable, net of                 2,884            2,862
allowance of $707 and $707, respectively
Other assets                                      1,865          2,135    
Total assets                                    $  293,604      $  281,525  
                                                                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
                                                                 
Current portion of long-term debt                  3,700            3,700
Accounts payable and accrued liabilities           29,687           29,129
Deferred revenue                                  665            520      
Total current liabilities                          34,052           33,349
Long-term debt, less current portion               24,975           25,900
Long term deferred tax liability                   12,824           12,824
Other long-term liabilities                       487            511      
Total liabilities                                 72,338         72,584   
Commitments and contingencies
Stockholders’ equity:
Preferred stock:
Series A, $0.01 par value, 1,800,000
shares authorized,
no shares issued and outstanding                   —                —
Series B, $0.01 par value, 200,000 shares
authorized,
no shares issued and outstanding                   —                —
Common stock, $0.01 par value, 75,000,000
shares authorized,
38,090,707 and 37,802,950 shares issued,
and 29,598,548
and 29,386,870 shares outstanding,                 381              378
respectively
Additional paid-in capital                         136,241          131,232
Treasury stock, 8,492,159 and 8,416,080,
respectively, common
shares at cost                                     (69,116 )        (66,886  )
Retained earnings                                 153,760        144,217  
Total stockholders’ equity                        221,266        208,941  
Total liabilities and stockholders’             $  293,604      $  281,525  
equity



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended December 31, 2013 and 2012

(In thousands, except per-share amounts)

(Unaudited)

                                                Three Months Ended
                                                   December 31,
                                                   2013         2012
REVENUES:
Gaming operations                                  $ 33,608       $ 29,974
Gaming equipment and system sales                    24,891         14,004
Other                                               660          324    
Total revenues                                      59,159       44,302 
                                                                  
OPERATING COSTS AND EXPENSES:
Cost of gaming operations revenue^(1)                3,850          3,274
Cost of equipment and system sales                   11,825         6,185
Selling, general and administrative expenses         13,718         11,343
Research and development                             4,308          4,093
Amortization and depreciation                       10,436       7,964  
Total operating costs and expenses                  44,137       32,859 
Operating income                                     15,022         11,443
                                                                  
OTHER INCOME (EXPENSE):
Interest income                                      91             170
Interest expense                                     (258   )       (296   )
Other income                                        15           10     
Income before income taxes                           14,870         11,327
Income tax benefit (expense)                        (5,327 )      (4,214 )
Net income                                         $ 9,543       $ 7,113  
Basic earnings per common share                    $ 0.32        $ 0.25   
Diluted earnings per common share                  $ 0.31        $ 0.24   
Shares used in earnings per common share:
Basic                                                29,618         28,330
Diluted                                              31,047         30,017



      Cost of gaming operations revenue excludes depreciation and amortization
(1)  of gaming equipment, content license rights and other depreciable
      assets, which are included separately in the amortization and
      depreciation line item.



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended December 31, 2013 and 2012

(Unaudited)

                                                2013          2012
CASH FLOWS FROM OPERATING ACTIVITIES:              (In thousands)
Net income                                         $ 9,543         $ 7,113
Adjustments to reconcile net income to cash
provided by
operating activities:
Amortization and depreciation                        10,436          7,964
Accretion of contract rights                         2,415           1,953
Share-based compensation                             1,270           860
Other non-cash items                                 (15     )       1,175
Interest income from imputed interest                (55     )       (146    )
Changes in operating assets and liabilities          1,254           (3,479  )
Tax benefit from exercise of stock options          (2,521  )      (872    )
NET CASH PROVIDED BY OPERATING ACTIVITIES           22,327        14,568  
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment
and leased gaming equipment                          (10,414 )       (12,654 )
Acquisition of intangible assets                     (2,725  )       (2,066  )
Advances under development and placement fee
agreements                                           —               (3,262  )
Repayments under development agreements             57            3,607   
NET CASH USED IN INVESTING ACTIVITIES               (13,082 )      (14,375 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options              1,221           1,425
Tax benefit from exercise of stock options           2,521           872
Principal payments of long-term debt                 (925    )       (925    )
Purchase of treasury stock                          (2,230  )      (2,025  )
NET CASH PROVIDED BY (USED IN) FINANCING            587           (653    )
ACTIVITIES
Net increase (decrease) in cash and cash             9,832           (460    )
equivalents
Cash and cash equivalents, beginning of             102,632       73,755  
period
Cash and cash equivalents, end of period           $ 112,464      $ 73,295  


Reconciliation of U.S. GAAP to Non-GAAP measures:

This press release and accompanying schedules provide certain information
regarding (i) EBITDA, (ii) net cash, (iii) free cash flow, (iv) adjusted
diluted earnings per share, and (v) pro-forma diluted earnings per share, all
of which may be considered non-GAAP financial measures under the rules of the
Securities and Exchange Commission. The non-GAAP financial measures included
in the press release are reconciled to the corresponding GAAP financial
measures below, or above in this release for pro-forma diluted earnings per
share, as required under the rules of the Securities and Exchange Commission
regarding the use of non-GAAP financial measures. We define (i) EBITDA as net
income before net interest expense, income taxes, depreciation, amortization
and accretion of contract rights, (ii) net cash as cash and cash equivalents
less long-term debt, (iii) free cash flow as cash flow from operating
activities less the acquisition of property and equipment and leased gaming
equipment, (iv) adjusted diluted earnings per share reflects an add-back for
excessive insurance claims, and (v) pro-forma diluted earnings per share
reflects a tax expense rate adjustment. EBITDA, net cash, free cash flow,
adjusted diluted earnings per share and pro-forma diluted earnings per share
are not recognized financial measures under GAAP, but we believe that each is
useful in measuring our operating performance. We believe that the use of the
non-GAAP financial measure EBITDA enhances an overall understanding of the
Company’s past financial performance, and provides useful information to the
investor by comparing our performance across reporting periods on a consistent
basis and the use of EBITDA by other companies in the gaming equipment sector
as a measure of performance. We believe that the non-GAAP measures of net cash
and free cash flow provide useful information to investors as each enhances
the overall understanding of our operating performance. We present adjusted
diluted earnings per share in order to allow investors to evaluate how we
would have performed had above average insurance claims not been incurred
during the three month period ended December 31, 2013 and we present pro-forma
diluted earnings per share in order to allow investors to evaluate how we
would have performed had our effective tax rate for fiscal 2013 been 37%.
Investors should not consider these measures in isolation or as a substitute
for net income, operating income, or any other measure for determining the
Company’s operating performance that is calculated in accordance with GAAP. In
addition, because these measures are not calculated in accordance with GAAP,
they may not necessarily be comparable to similarly titled measures employed
by other companies.


(in thousands)                      For the Three Months Ended
                                       December 31,
                                       2013           2012
Net income                             $  9,543         $  7,113
Add back:
Amortization and depreciation             10,436           7,964
Accretion of contract rights^(1)          2,414            1,953
Interest expense, net                     167              126
Income tax expense                       5,327           4,214
EBITDA                                 $  27,887        $  21,370



   “Accretion of contract rights” relates to the amortization of intangible
1) assets for development projects. These amounts are netted against revenues
   in the Consolidated Statements of Operations.



Net Cash

(in thousands)               As of
                                December 31,   September 30,
                                2013             2013
Cash and cash equivalents       $  112,464       $  102,632
Less:
Long-term debt                    (28,675 )       (29,600  )
Net cash                        $  83,789       $  73,032   



Free Cash Flow

(in thousands)                               For the Three Months Ended
                                                December 31,
                                                2013          2012
Net cash provided by operating activities       $ 24,848        $ 14,568
Less:
Net capital expenditures                         (10,414 )      (12,654 )
Free cash flow                                  $ 14,434       $ 1,914   



Adjusted Diluted Earnings Per Share

                                       For the Three Months Ended
                                          December 31,
EPS Reconciliation:                       2013            2012
As reported                               $   0.31          $  0.24
Add-back excessive insurance claims          0.02            -
Adjusted Diluted EPS                      $   0.33          $  0.24


Contact:

Multimedia Games Holding Company, Inc.
Adam Chibib, 512-334-7500
Chief Financial Officer
or
JCIR
Richard Land or James Leahy
212-835-8500
mgam@jcir.com
 
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