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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
05/27/201606:45:00IGT 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
05/02/201616:31:00IGT Posts 2015 Annual Report
04/25/201606:45:00IGT and Paradise Entertainment Sign Electronic Table Games Patent...
04/21/201606:45:00IGT Jackpot Legacy Enriched by Lucky Player's $12 Million Win
04/20/201616:31:00IGT Deploys Enhanced Casino Management System Solutions at Cadillac...
04/18/201606:45:00IGT Signs Systems Agreement with Yakama Nation Legends Casino
04/15/201607:24:00Agenzia delle Dogane e dei Monopoli Announces Provisional Award...
04/07/201606:45:00IGT and Seminole Hard Rock Hotel & Casino Tampa Launch Spin Ferno...
04/06/201606:45:00IGT Enters into Agreement with Station Casinos to Provide Enhanced...
03/29/201616:31:00IGT Signs Seven-Year Contract with the Virginia Lottery to Provide...

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