Another record quarter was reported by International Game Technology when the company released its financial information for the period ended on June 29. Net income for the period totaled $82.6 million or $0.91 per diluted share on revenues of $522.4 million. A year earlier, net income was $56.7 million or $0.73 per diluted share. Revenues in that period totaled $320.1 million.
Significant levels of operating cash flow, said Tom Baker, president and CEO, permitted the company to repurchase 3.5 million company shares. The previously approved repurchase plan has another 4.7 million shares remaining.
The company said sales revenue for the period was relatively flat at $222.4 million while gross profit on product sales improved to $94.3 million up from $87.3 million a year ago.
Showing continuing improvement, Baker said, was international business. During the quarter, the company sold 13,700 machines bringing the year-to-date total to 46,700 units. This compared with 14,400 machines for the quarter and 43,300 units for the year in the comparable period of 2001.
A decision was made during the period, Baker said, for the company to dispose of its casino operations that were acquired with the merger with Anchor Gaming. The company said the two casinos in Colorado and the gaming machine route in Nevada would be sold. No further details of the sale were available other than management expects the assets to be sold by the first quarter of 2003.