IGT growth

Nov 22, 2010 4:15 PM

International Game Technology (IGT) continued to see a decline in slot machine sales during the fiscal quarter that ended on Sept. 30. Revenue during the period fell to $496 million from last year’s $512.3 million.

Net profit for the quarter was $19.9 million or $0.07 per share, reversing last year’s loss of $28.6 million or $0.10 per share.

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Eliminating one-time charges, the company would have reported a profit of $0.18 a share. However, the company said it took charges because of losses involving investments in a Chinese company and impairments caused by the end of slot machine activity in Alabama.

For fiscal year 2011, the company forecast earnings in the range of $0.77 to $0.87 per share. It expects positive top-line growth driven by international sales, increases in non-box revenues and higher market share gains from new jurisdictions.