Multimedia Games’ First Quarter Revenue Rises 21.6% to $34.8 Million; Reports Diluted EPS of $0.21 Inclusive of $0.07 Per Diluted Share Benefit from Non-Recurring Items

Reconciliation of U.S. GAAP Net income (loss) to EBITDA:

EBITDA is defined as earnings (loss) before net interest expense, taxes, amortization, depreciation, and accretion of contract rights. Although EBITDA is not a measure of performance calculated in accordance with generally accepted accounting principles (“GAAP”), Multimedia Games believes the use of the non-GAAP financial measure EBITDA enhances an overall understanding of Multimedia Games’ past financial performance, and provides useful information to the investor because of its historical use by Multimedia Games as a performance measure, and the use of EBITDA by other companies in the gaming equipment sector as a measure of performance. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), or any other measure for determining Multimedia Games’ operating performance that is calculated in accordance with GAAP. In addition, because EBITDA is not calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of EBITDA to the most comparable GAAP financial measure, net income (loss), follows:

Reconciliation of U.S. GAAP Net income (loss) to EBITDA:


For the Three Months
Ended December 31,

2011   2010
(in thousands)
Net income (loss) $ 5,782 $ (1,374 )
Add back:
Amortization and depreciation 9,690 9,988
Accretion of contract rights 1,896 1,740
Interest expense (income), net (81 ) 42
Income tax expense (benefit)   (987 )   100  
EBITDA $ 16,300   $ 10,496  

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