GTECH posts decline in quarterly profit

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Monday, Dec. 18, 2000 | 12:49 p.m.

THE ASSOCIATED PRESS

WEST GREENWICH, R.I. -- GTECH Holdings Corp., the struggling lottery giant, posted a decline in third-quarter earnings.

The company earned $18 million, or 53 cents a share, in the period ending Nov. 25, compared to nearly $22.8 million, or 65 cents per share, in the same quarter last year.

Sales were $221 million, compared with $249.6 million in the same period last year.

The West Greenwich company is undergoing a massive reorganization, cutting about 175 jobs and consolidating operations to refocus on its core business: lotteries.

News earlier this year that the company's earnings would not meet expectations led GTECH to oust its top two executives.