Thursday, July 23, 2009 | 5:42 a.m.
IGT Financial Information
| 3Q 2009 | 3Q 2008 | % Change | 2Q 2009 | |
|---|---|---|---|---|
| Revenue | $522.1 million | $677.4 million | -23% | $475.7 million |
| Net income | $66.3 million | $108.3 million | -38.7% | $38.3 million |
| Net income per share | 22 cents | 35 cents | -37% | 13 cents |
International Game Technology reported a 38.7 percent drop in net income for the third quarter of 2009, the Reno-based slot maker said today.
Net income fell to $66.3 million, or 22 cents per share, compared to $108.3 million, or 35 cent per share, in the same period in 2008.
Revenue declined 23 percent to $522.1 million compared to $677.4 million in the third quarter of 2008.
"Although we continue to face an environment of suppressed demand, we were pleased with continued stability in our gaming operations yields and an uptick in unit sales from the second quarter," IGT CEO Patti Hart said. "Despite challenges in the marketplace, IGT made progress on several key fronts during the quarter.”
IGT posted a 14 percent drop in revenue and an 11 percent drop in gross profits in gaming operations during the third quarter because of lower play levels, the company said.
Product sales revenue declined 32 percent to $234.2 million compared to $343.8 million a year ago. IGT officials said the company is looking forward to an increase in product sales as states like Illinois, Ohio and Maryland expand gaming.
Hart said IGT is successfully working through a cost-saving initiative that has resulted in the layoff of hundreds of IGT employees worldwide. Hart said while the company regrettably cut its workforce, the economic climate made it necessary.
Earlier this month, the company announced it was laying off 161 employees from its domestic and international workforce, including 55 employees from Reno. IGT has reduced its workforce by 300 in Reno and 500 globally since November 2008. The company cut 200 more positions, mostly in Reno, in January.
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