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Multimedia Games Holding Company, Inc. (MGAM) was not much of a gamble today. If you took a look at the company’s fiscal first quarter report, then you could make a pretty educated guess that it would be high on the Zacks #1 Rank List Wednesday. You may not have been able to predict the extent though.

MGAM made the list today with a gain of nearly 35%, which more than doubled the runner up. Volume soared past 1.6 million shares, compared to the daily average of around 112,000.

The report had everything you would want: double digit revenue growth, better-than-expected profit and an enhanced outlook for the full year. That last point is what really makes us at Zacks excited since it suggests higher earnings estimates.

Let’s get specific on that outlook. MGAM now expects fiscal 2012 earnings per share between 42 cents and 45 cents, compared to the prior range of 23 cents to 26 cents. The Zacks Consensus Estimate was at 25 cents at the time of the report, which suggests that it could be moving higher once the analysts chime in.

By the way, that 25-cent outlook was up 31.6% over the past three months, hence the company’s Zacks #1 Rank.

As for the fiscal year ending September 2013, the Zacks Consensus Estimate of 32 cents improved 18.5% in three months and 3.2% in just the past seven days. At the moment, we see the possibility for profit growth of 28% for next fiscal year over this fiscal year.

Fiscal first quarter revenue jumped 21.6% to $34.8 million, compared to $28.6 million a year earlier. Earnings per share reached 21 cents, including a 7-cent benefit from non-recurring items, which surpassed last year’s result and topped the Zacks Consensus Estimate.

Multimedia Games has implemented several key strategic initiatives for long-term growth, including growing its unit sales and installed base, refreshing its installed base with Class II games at its largest customer’s facilities, increasing the number of markets and maintaining its focus on operating discipline.

MGAM, through its wholly-owned subsidiaries, develops and distributes gaming technology. It is the creator and supplier of comprehensive systems, content and electronic gaming units for Native American gaming markets, as well as for commercial casinos and charity and international bingo markets.

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