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February 12, 2012

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IGT reports quarterly profits up nearly 52 percent

By Amanda Finnegan

Tuesday, July 27, 2010 | 2:17 p.m.

International Game Technology Financial Information

  3Q 2010 3Q 2009 % Change 2Q 2010
Revenue $489.7 million $517.3 million -5% $497.7 million
Net income $92.1 million $60.6 million 52% $35.9 million
Net income per share 32 cents 20 cents 60% 12 cents

Sun Coverage

International Game Technology saw its profits increase by nearly 52 percent during its fiscal third quarter, the Reno-based gaming manufacturer reported today.

Net income for the quarter was $92.1 million, or 32 cents per share, compared to $60.6 million, or 20 cents per share, during the third quarter of 2009. The company said the quarter benefited from tax gains, but was offset by a restructuring charge and debt refinancing costs.

"Despite challenges in the broader marketplace, we continue to manage our business to increasing levels of efficiencies. Our efforts have resulted in the generation of significant cash flow for reinvestment into the business in areas that create innovative and customer centric products and services,” IGT Chief Executive Patti Hart said.

IGT saw its revenue fall by about 5 percent, from $517.3 million in the third quarter of 2009 to $489.7 million in the third quarter of 2010. About 56 percent of revenue was generated from gaming operations and 44 percent from product sales, the company said.

IGT said third quarter operating expenses decreased by 8 percent to $155.7 million, primarily due to cost reduction efforts.

As of June 30, 2010, IGT's gaming operations installed base totaled 58,900 units, an increase of 100 units from the second quarter, but a decrease of 2,200 units over the prior year quarter.

Product sales revenues in the third quarter decreased by 8 percent, while units shipped worldwide decreased by 29 percent. North America revenues decreased 16 percent for the quarter, largely driven by fewer new casino openings, the company said.

Revenue from gaming operations fell to $276.6 million in the third quarter, compared to $286.7 million in the comparable period of 2009.

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