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IGT releases 1Q earnings report

Jan 23, 2009 9:35 PM
Staff & Wire Reports |

Reno-based International Game Technology, the world's largest maker of gambling machines and casino management systems, reports net earnings for the first-quarter plunged 42 percent because of the sour economy and other factors.

IGT on Thursday reported net income for the quarter ended Dec. 31 totaled $65.7 million, or 22 cents per share, on revenue of $313.3 million, compared with income of $113.7 million, or 36 cents per share, last year.

Analysts surveyed by Thomson Reuters had projected earnings per share of 26 cents on revenue of $591 million.

The company earlier had warned earnings could fall short of its own guidance in the range of 30 cents to 35 cents per share.

In a written statement, IGT Chairman TJ Matthews said the results reflect the difficult, ongoing worldwide economic conditions.

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