Lottery operator’s profit rises 9.5 percent

Wednesday, Sept. 22, 2004 | 9:22 a.m.

WEST GREENWICH, R.I. -- GTech Holdings Corp., the world's largest operator of lotteries, Tuesday said earnings for its latest quarter rose 9.5 percent, boosted by stronger sales.

West Greenwich-based GTech had net income of $53.1 million, or 40 cents a share, for the second quarter ended Aug. 28, up from $48.5 million, or 37 cents a share, a year earlier. The results were adjusted for a 2-for-1 stock split, effective July 30.

The company beat analysts' expectations of earnings of 37 cents a share, according to Thomson First Call.

Revenue bounced 17 percent to $323.5 million from $277.2 million a year earlier.

For the third quarter ending Nov. 27, GTech projects earnings of 33 cents to 36 cents a share.

In the 2003 third quarter, GTech earned $45.9 million, or 35 cents a share, adjusted for the stock split, which included a noncash gain of $3.3 million, or 3 cents a share.

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