IGT 2Q earnings fall as recession continues

Apr 23, 2009 7:42 PM
Staff & Wire Reports |

International Game Technology reports second-quarter net income fell more than 40% as the global recession takes a continuing toll on the gambling industry.

The Reno-based maker of slot machines and casino management systems says net income for the quarter ended March 31 was $38.3 million, or 13 cents per share, compared with $68.4 million, or 22 cents per share, for the same period in 2008.

Wall Street analysts surveyed by Thomson Reuters had anticipated earnings per share of 22 cents.

In a written statement Thursday, IGT Chief Executive Patti Hart said "difficult economic conditions worldwide" continue to take a toll on the company's financial results.

Since November, IGT has laid off about 700 employees, roughly 10% of its global work force.

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