MGAM capitalized $111 million in expenditures in latest year.

Multimedia Games, Inc. (NASDAQ: MGAM, $14.51) added $110.9 million to its assets last year, according to its own annual report filed on December 14, 2004. At March 31, 2002 Multimedia Games had $68.3 million in assets and reported net income for the quarter of $6.9 million. Multimedia Games claimed it generated net income of $7.2 million on purported assets of $217.4 million in its latest reported quarter.

In 2004 Multimedia Games reported total revenues of $153.7 million and increased its assets by $110.9 million. Multimedia Games wrote-off $37.3 million in assets last year. Multimedia Games still reported an increase in assets of $73.7 million in excess of this $37.3 million of asset write-offs or reductions.

Asensio & Company, Inc. covers Multimedia Games, Inc. and maintains a Strong Sell and Short Sell opinion. A summary of the basis of our opinion is found in our October 2, 2003 report published on

Asensio & Company, Inc. reports are published and distributed solely and exclusively to registered subscribers who have read and agreed to the Mandatory User Agreement located at /?page_id=25. This Mandatory User Agreement is included herein in its entirety by reference thereto and by notice of its availability.

Posted in Multimedia Games, Inc.

Manuel Asensio doesn’t bet often. But when he does, it’s wise to pay attention.

Paul Kaihla
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