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International Game Tech Swings To 4Q Profit On Cost-Cutting

DOW JONES NEWSWIRES International Game Technology (IGT) swung to a fiscal fourth-quarter profit on improved revenue. But shares fell 2% to $15.99 in after-hours trading as the slot-machine maker's earnings fell short of Wall Street's expectations. Chief Executive Patti Hart said the company improved margins and its balance sheet, generating more cash in the latest fiscal year. Now it plans to emphasize top-line growth and international expansion. For the quarter ended Sept. 30, International Game reported a profit of $19.9 million, or 7 cents a share, compared with a year-earlier loss of $28.6 million, or 10 cents a share. Excluding such items as write-downs and investment losses, earnings were flat at 18 cents while revenue slid 3.2% to $496 million. Analysts had estimated earnings of 19 cents on revenue of $488.2 million, according to a poll by Thomson Reuters. Gross margin fell to 56% from 57%. Product sales, which provided 46% of the total, ticked down 0.9%, while revenue from gaming operations declined 5.1%. -By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com

Stock News for Internat Game (IGT)
DateTimeHeadline
05/20/201516:21:00IGT provides third-generation Wide Area Progressive at 10 Spielbanken...
05/18/201506:00:00IGT SPHINX 3D Game Wins "Best of Show" at Southern Gaming Summit
05/14/201513:05:00IGT Mints Two Millionaires and Pays More Than $3.8 Million in...
05/14/201506:00:00IGT's DoubleDown Casino Wins Big with Wheel of Fortune® Double...
05/13/201507:01:00International Game Technology PLC Reports First Quarter 2015...
05/11/201508:01:00International Game Technology Announces Final Results and Settlement...
05/07/201506:00:00IGT Megabucks® Awards Colossal $3.2 Million Jackpot at San Manuel...
05/06/201508:01:00International Game Technology achieves highest iGaming vendor...
05/05/201506:00:00IGT's Wheel of Fortune® Slots Make History with $2 Million Jackpot...
05/04/201506:00:00IGT's Wheel of Fortune® Slots Hit Big in Wisconsin with $1.8...
04/30/201517:01:00International Game Technology PLC To Host Results Conference...
04/29/201506:00:00IGT Showcases Winning Combination at G2E Asia 2015
04/28/201508:01:00International Game Technology Announces Receipt of Requisite...
04/27/201506:00:00IGT's Wheel of Fortune® Slots Elevate Winnings with $1 Million...
04/22/201506:00:00IGT's Wheel of Fortune® Slots Award $2.4 Million over Three...
04/17/201517:03:51Termination of Registration of a Class of Security Under Section...
04/15/201517:05:00International Game Technology Announced that GTECH Corporation...
04/14/201506:01:02Notice of Effectiveness (effect)
04/10/201516:51:32Current Report Filing (8-k)
04/10/201516:50:48Current Report Filing (8-k)

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