Slot maker announces dividend, stock split

Wednesday, June 4, 2003 | 11:12 a.m.

RENO -- International Game Technology, the world's largest maker of slot machines, today said it will split its shares four for one, and begin paying a quarterly dividend of 7.5 cents after the company's stock rose 41 percent during the past year.

The split will be made by issuing three shares for every one share held by investors at the close of trading June 18, with the shares trading post-split on or about July 2, Reno-based IGT said. The dividend will be payable on July 28 to shareholders of record July 14.

IGT's profit has been boosted by the sale of slot machines that let gamblers wager with tickets instead of coins. The company said in April it would earn more than analysts expect this year, helped by the sale of the "cashless" slots and machines based on "The Beverly Hillbillies" and other television shows.

Shares of IGT rose $2.12 to $87.46 as of 9:45 a.m. in New York Stock Exchange composite trading this morning.

The company will have 343.2 million shares outstanding after the stock split. IGT suspended paying a 3-cent quarterly dividend in 1999.

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