IGT buys some of Progressive Gaming’s assets

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Staff & Wire Reports |

International Game Technology, a designer and maker of
computerized gaming machines, said Tuesday it purchased some of Progressive
Gaming International Corp.’s operating assets for an undisclosed amount.

Progressive’s global operations will be folded into IGT’s offices throughout
Europe, Asia, Australia, Latin America, Canada and the U.S.

Last month IGT promoted Patrick W. Cavanaugh to chief financial officer. The
company had searched for a new CFO for more than a year before naming Cavanaugh
to the post. In November IGT said about 500 workers, or roughly 8 percent of its
global work force, would be terminated either through early retirement or job
elimination in an effort to lower costs. The sector has struggled as consumers
tighten discretionary spending due to the ongoing housing slowdown, rising food
costs, eroding credit and unemployment concerns.

Shares of IGT fell 88 cents, or 7.4 percent, to $11.07 in morning trading.
The stock has lost nearly three-fourths of its value in the past 52 weeks amid
the economic downturn.

JPMorgan analyst Joseph Greff said in a client note that he expects IGT will
have soft operating quarter due to “weaker product sales and soft yields in
the gaming operations segment.”

Greff predicts earnings of 24 cents per share, below the 26 cents-per-share
average estimate of analysts polled by Thomson Reuters.

IGT reports its fiscal first-quarter results on Thursday.

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