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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
06/27/201606:45:00IGT to Provide 1,500 New Video Lottery Terminals to Oregon Lottery
06/20/201617:28:24Report of Foreign Issuer (6-k)
06/20/201616:31:00IGT Expands Systems Solutions Offering in Mississippi
06/20/201606:45:00International Game Technology PLC to Webcast Investor Day Presentations
06/13/201606:45:00IGT Slots Crown Six Millionaires in May
06/06/201606:45:00IGT Honored at 2016 eGaming Review B2B Awards
06/01/201606:45:00IGT Announces Extension with Svenska Spel to Provide INTELLIGEN™ V...
05/31/201616:47:30Specialized Disclosure Report (sd)
05/31/201606:45:00IGT Leaders Recognized for Women in Gaming Awards
05/27/201606:45:00IGT Announces Long-Term Extension Agreement with Sächsische...
05/26/201606:51:38Report of Foreign Issuer (6-k)
05/26/201606:45:00International Game Technology PLC Reports First Quarter 2016...
05/25/201606:53:33Report of Foreign Issuer (6-k)
05/25/201606:50:00International Game Technology PLC Releases Notice of 2016 Annual...
05/23/201606:45:00IGT's Wheel of Fortune® Slots Award $1.3 Million Jackpot at...
05/17/201606:45:00IGT's DoubleDown Casino Launches The Ellen DeGeneres Show™ H...
05/05/201616:31:00International Game Technology PLC to Report First Quarter 2016...
05/05/201606:45:00IGT Wins Competitive Casino Management System Bid for Gray Wolf...
05/04/201606:45:00IGT Selected by Kickapoo Lucky Eagle Casino Hotel to Enhance...
05/03/201606:45:00IGT Introduces Market-Attuned Innovations at G2E Asia 2016

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