International Game Technology Swings To Profit
International Game Technology 4Q
Slot machine maker International Game Technology reported a fourth-quarter profit, compared with a loss a year earlier, but its net income was not as high as Wall Street expected.
The Las Vegas company reported net income of $19.9 million, or 7 cents per share, on $496 million in revenue for its fiscal fourth quarter, which ended Sept. 30. That compares with a net loss of $28.6 million, or 10 cents per share, on $512.3 million in revenue a year earlier.
Excluding one-time items, International Game Technology earned 18 cents per share. Analysts polled by Thomson Reuters, who typically exclude one-time items, on average expected the company to report earning 19 cents per share on $488.2 million revenue.
For the full year, International Game Technology reported net income of $186 million, or 62 cents per share, on $2 billion in revenue. That compares with net income of $126.8 million, or 43 cents per share, on $2.1 billion in revenue for the prior year.
Excluding one-time items, the company reported full-year earnings of 85 cents per share. Analysts polled by Thomson on average had expected adjusted earnings of 85 cents per share on $2 billion in revenue for the full year.
The company said it ended its fiscal year with an installed base of 57,000 gaming units, a decline of 4,300 units from a year earlier.
International Game Technology said the results reflect a shift toward lower-yielding machines, and it said sales of new gaming units fell as fewer new casinos opened in the U.S., a drop that was only partly offset by rising sales overseas.
The company's shares slipped 3 cents, or 0.2 percent, in regular trading. After hours, the stock fell 32 cents, or 2 percent, to $16.
International Game Technology Reports Fourth Quarter and Fiscal Year 2010 Results
Fiscal 2010 Highlights (compared to last year) - Consolidated gross profit margin increased 100 bps to 56% - Global operating income increased 28% to $433 million - Consolidated operating margin increased 600 bps to 22% - International revenues increased 21% to $559 million
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