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IGT PLANS TO INCREASE ONLINE GAMBLING PRESENCE
Tuesday, November 8, 2011 : Increased interactive revenue flowing from the acquisition of Entraction Holding AB
The Reno-based gambling machine manufacturer and interactive supplier International Game Technology reported Tuesday on its Q4 fiscals, saying that profits more than doubled from a year earlier to $60 million.
And for the fiscal year ending Sept. 30, net income jumped nearly 33 percent, to $292 million, from the previous year.
CEO Patti Hart revealed that the company plans a bigger interactive sector presence, saying: “In fiscal year 2011, we grew revenue, leveraged our gaming operations, improved margins, positioned the international business for growth and increased our interactive presence.
“We are focused on improving all aspects of our business, with the expected outcome of improved returns to our shareholders in fiscal year 2012.”
The higher earnings come after the company slashed its workforce several times in recent years through layoffs and attrition.
Hart reported a 14 percent rise in fourth-quarter revenues to $540 million, of which more than half was generated from gaming operations and the rest in product sales.
Fourth quarter revenues from gaming operations increased 8 percent to $283 million compared to $261 million in the prior year mostly due to improved WAP performance, growth in the International install base and increased interactive revenue with the acquisition of Entraction Holding AB.
Operating income for the fourth quarter was $116 million, an increase of 18 percent, compared to $98 million in last year’s fourth quarter,
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