International Game Technology Hopeful for 2010
September 30, 2009 marked the close of the fiscal year for International Game Technology (IGT: 16.91 0.00%). The slot machine and casino management company posted their financials on Thursday, with revenue dropping to $514.6 million, from the $632.2 million last year.
The Reno based company recognized 4,200 sales in North America and 7,900 internationally, the majority of which were replacement units.
Last month, IGT executives warned investors that it would be ending the year with a $77 million non cash investment write-down, which sent the company to a fiscal fourth quarter loss of $21.3 million or $0.07 per share.
CEO Patti Smith commented during a conference call on Thursday, “After a drastic downward adjustment to (capital expenditures) at our core casino customers in the early part of the year, this quarter saw our operators cautiously re-entering the market to meet the demand of their patrons who appear increasingly aware of aging slot floors.”
IGT stock lost 4 cents to close at $18.56 in the regular session and were up 24 cents, 1.29 percent, to $18.80 in aftermarket trading.
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