International Game Technology Reports Record Third Quarter Fiscal Year 2007 Results
biz.yahoo.com
Thursday July 19, 7:30 am ET
RENO, Nev., July 19 /PRNewswire-FirstCall/ -- International Game Technology (NYSE: IGT) announced today operating results for the third quarter ended June 30, 2007. Net income for the quarter improved to $136.4 million or $0.41 per diluted share versus $114.1 million or $0.33 per diluted share in the same quarter last year. For the nine-month period ended June 30, 2007, net income grew to $385.6 million or $1.14 per diluted share compared to $358.8 million or $1.02 per diluted share in the same period last year.
Third quarter financial highlights:
-- Record revenues and gross profit, up 15% and 19%, respectively, from
the prior year
-- Record product sales up 23% to $364.6 million
-- Record gaming operations revenues up 9% to $341.9 million
-- Record gaming operations installed base of 58,200 machines
-- Record operating income up 26% to $216.3 million
-- Record Adjusted EBITDA of $291.4 million
-- Record year-to-date cash flow from operations of $564.9 million, up 48%
-- Repurchased 6.4 million shares at a cost of $248.8 million
"IGT's record third quarter results reflect the power of our gaming operations business and strong double-digit growth in product sales," said Chairman and CEO TJ Matthews. "Year-to-date, we have generated $564.9 million in cash flow from operations and returned $742.4 million to shareholders in the form of share buybacks and dividends. This quarter we also made strategic investments in China LotSynergy Holdings and Digideal Corporation, and entered into a significant five-year cooperation agreement with Casino Club of Argentina. These important investments, coupled with our focus on maintaining IGT's position as a leading worldwide provider of innovative gaming technology, will further expand both our product and geographic reach." |
