By Dave Cassilo
Medill News Service
— Waukegan-based slot machine maker WMS Industries reported third-quarter net income of $24.2 million, or 41 cents per share, down 27 percent from $33 million, or 55 cents per share, from the year-ago period. While the results were lower than the company’s projections, they were on par with analysts’ expectations.
The company reported a 2.4 percent decline in third-quarter revenue to $192.7 million from $197.5 million, due to lower demand and delays in fulfilling orders.
“We are actively addressing and resolving the items within our control,” said Brian Gamache, chairman and chief executive officer.
Chad Beynon, an analyst at Macquarie Capital USA Inc., praised the company’s accountability.
“I think management ate a slice of humble pie and reset expectations,” Beynon said.
For the fiscal year ending June 30, 2012, the company is projecting revenue growth of 3 percent to 7 percent from the prior year, when it reported net earnings of $112.9 million, or $1.88 per share, on revenue of $765.1 million.