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Third-quarter net income little changed

Tuesday, Dec. 21, 2004 | 9:24 a.m.

Gtech Holdings Corp., the world's biggest seller of computerized lottery systems, said third-quarter profit was little changed from a year earlier as costs offset an increase in sales of lottery and gaming equipment.

Net income was $45.9 million, or 35 cents a share, in the period ended Nov. 27, the West Greenwich, R.I.-based company said in a statement.

Gtech said it benefited from new contracts in Mexico, Finland and Singapore during the quarter and extended its contract with Minnesota State Lottery to 2008. Expenses rose 38 percent to $200.1 million as costs to maintain its services increased.

Gtech shares fell $1.91, or 6.7 percent, to $26.45 at 9:52 a.m. in New York Stock Exchange composite trading. The stock had increased 15 percent this year. Spokesman Robert Vincent wasn't immediately available to comment.

The company expects to earn 31 cents to 33 cents in the fourth quarter that ends Feb. 26. Gtech earned 36 cents a year earlier. Gtech raised its full-year profit forecast to $1.46 to $1.48 from $1.43 to $1.48.

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