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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
03/27/201521:31:35Realty Income to Join S&P 500, Windstream Will Move to MidCap...
03/27/201518:33:08Realty Income up 3.3% in late trading; joining S&P 500
03/27/201517:57:00Realty Income Set to Join S&P 500; Windstream, Douglas Emmett...
03/26/201506:00:00IGT Enriches Jackpot Legacy With Megabucks $1 Million Payout...
03/25/201512:53:51Filing of Certain Prospectuses and Communications in Connection...
03/24/201516:30:00IGT Pays A Whopping $10.7 Million Jackpot While Minting Three...
03/24/201506:00:00IGT Expands Wide Area Progressive Leadership with First-Ever...
03/23/201506:00:00IGT's Powerbucks Pays Its First Million Dollar Jackpot
03/18/201516:05:00IGT Elevates Gaming in the Caribbean with Games and Systems Win...
03/18/201512:02:23Filing of Certain Prospectuses and Communications in Connection...
03/18/201506:00:00IGT Spotlights US Debut of CrystalDual Cabinet at Indian Gaming...
03/16/201517:20:33Current Report Filing (8-k)
03/11/201516:44:21Statement of Changes in Beneficial Ownership (4)
03/11/201516:43:30Statement of Changes in Beneficial Ownership (4)
03/11/201516:41:21Statement of Changes in Beneficial Ownership (4)
03/11/201516:03:48Statement of Changes in Beneficial Ownership (4)
03/11/201516:01:58Statement of Changes in Beneficial Ownership (4)
03/10/201506:02:54Current Report Filing (8-k)
03/09/201517:29:58Filing of Certain Prospectuses and Communications in Connection...
03/09/201517:29:58Filing of Certain Prospectuses and Communications in Connection...

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