IGT boosts global sales
International Game Technology posted an increase in income from continuing operations for the financial year ended September 30, from $153 million (52 cents per share) to $224 million, or 75 cents per share.
Fourth quarter results also were positive, with income from continuing operations more than doubling from $10 million to $26 million. On a per-share basis, income was up from 4 cents to 9 cents.
Consolidated revenues for the fourth quarter were $496 million, of which 54 percent was generated from gaming operations and 46 percent from product sales. This was down from Q409’s $512 million. For the year, consolidated revenues were $2 billion, compared to $2.1 billion in 2009.
International revenues increased 14 percent for the quarter, primarily due to improved sales in South America, and 27 percent for the year, primarily due to higher unit volume.
“We set the company on a course to achieve greater financial and operational performance in the future. We improved margins, generated more cash and improved our balance sheet versus last year,” said Patti Hart, chief executive of the Reno, Nev.-based slot giant. “Moving forward, we plan to continue to improve on our metrics while increasing our emphasis on top-line growth, international expansion and leading the industry technologically as gaming transforms around the globe.”
Fourth quarter net income, including discontinued operations related to the shutdown of operations in Japan and the divestiture of DigiDeal, totaled $20 million, or 7 cents per share, besting a previous year net loss of $29 million (10 cents per share). The prior-year quarter included non-cash losses on investments and other assets of $78 million related to Walker Digital Gaming and $13 million related to Las Vegas Gaming International and $5 million of restructuring charges, collectively amounting to 22 cents per share.
For all of 2010, net income totaled $186 million, or 62 cents per share, up from $127 million, or $0.43 per share in fiscal 2009.