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    Int'l Game Technology's 1Q net income declines

    Associated Press – Tue, Jan 24, 2012

    LAS VEGAS (AP) — International Game Technology said Tuesday that its fiscal first-quarter net income fell 33 percent, hurt by fewer new North American casino openings.

    The casino industry in the U.S. has had difficulty recovering from the Great Recession, which ended in June 2009, because of high unemployment.

    The casino equipment maker's results missed Wall Street's expectations, and IGT's stock declined $1.16, or 7.2 percent, to $14.97 in Tuesday premarket trading.

    IGT posted net income of $49.3 million, or 16 cents per share, for the three months ended Dec. 31. That's down from $73.7 million, or 25 cents per share, in the prior-year period, which included a gain of 4 cents per share from tax benefits and other items.

    Adjusted income for the last three months of 2011 came to 17 cents per share. Analysts predicted earnings of 22 cents per share, according to a FactSet poll.

    Revenue dipped 1 percent to $445.5 million from $451.2 million, with product sales declining on fewer new casino openings in North America. That missed Wall Street's estimate of $480.8 million.

    CEO Patti Hart said in a statement that IGT's revenue and profit margins should strengthen over the course of 2012, with the Las Vegas company on track to meet its fiscal year operating goals.

    IGT maintained its guidance for full-year adjusted earnings from continuing operations of 93 cents to $1.03 per share. Analysts expect higher earnings of $1.06 per share for the year.

     

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