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Best of Howard Stutz

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Howard Stutz
 

IGT reports net loss before finalizing merger with GTECH

14 May 2015

Slot machine giant International Game Technology lost $13 million and saw total revenue decline 22 percent in its final quarter before completing a $6.4 billion merger with lottery provider GTECH Holdings.

The combined company — now called IGT — released results for the quarter that ended March 31 for each company. The merger was completed April 7.

In the quarter, IGT said its quarterly loss reversed compared to a profit of $25.7 million in the same quarter a year earlier. The net loss translated into a loss per share of 5 cents, compared to earnings per share of 10 cents in the prior year quarter.

The company said the total revenue decrease to $399.4 million was primarily due to a 43 percent drop in slot machine sales and a 17 percent decline in gaming operations.

However, an 18 percent increase in IGT’s interactive revenue helped off-set the decreases.

Separately, GTECH said its net revenue of $913.8 million in the quarter was a 3.4 percent increase compared to a year ago.

Marco Sala, who is now CEO of the combined London-headquartered IGT, said in a statement the integration process for the two companies began immediately. IGT expects to cut costs by $280 million through the merger.
IGT reports net loss before finalizing merger with GTECH is republished from Online.CasinoCity.com.