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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
08/03/201506:00:00IGT Premieres CrystalDual-i Cabinet at Australasian Gaming Expo
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07/30/201509:15:00Gaming Activities Stocks under Review - King Digital Entertainment...
07/30/201507:01:00International Game Technology PLC Announced that its Subsidiary...
07/23/201516:05:00IGT's Wheel of Fortune® Awards $1 Million Jackpot at Harrah's...
07/17/201512:20:02This Former Las Vegas Gaming Company Might Finally Be a Bet
07/17/201508:01:00International Game Technology PLC Announces Signing of Five-Year...
07/16/201508:01:00International Game Technology PLC Announces Award to its Subsidiary...
07/15/201508:01:00International Game Technology PLC Receives the World Lottery...
07/02/201517:01:00International Game Technology Signs Player Services E-Commerce...
07/02/201516:01:00International Game Technology Issues Legacy GTECH's 8th Annual...
07/01/201516:05:00IGT Powerbucks® Sparks $1.3 Million Jackpot at The Orleans Hotel...
06/30/201516:05:00IGT and Casino Club Introduce the CrystalDual and S3000 Cabinets...
06/30/201506:00:00IGT's Wheel of Fortune® Slots Crown The Cromwell Las Vegas...
06/29/201516:05:00IGT's DoubleDown Casino Celebrates Wheel of Fortune® Red, White...
06/24/201516:05:00IGT's Wheel of Fortune® Slots Strike Another Million Dollar-Plus...
06/18/201516:05:00International Game Technology releases Notice of 2015 Annual...
06/17/201506:00:00IGT Provides Penn National with Compelling Cabinets and Content...
06/15/201506:00:00IGT Unveils Exclusive Game and Systems Innovations at the Northwest...
06/10/201516:01:00International Game Technology's Sylvia Dietz Wins Women in Gaming...

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