IGT Revenues Drop
By Staff
In America, International Game Technology (IGT) has revealed operating results for the third quarter that ended on June 30 showing that its net incomes dropped by 28.1 million when compared with the same period last year.

A leading designer and manufacturer of computerised gaming equipment, IGT also recently completed the purchase of Las Vegas-based Cyberview Technology Incorporated for $78 million. The Reno-based firm listed net incomes of $108.3 million versus $136.4 million in 2007 while also revealing that revenues for the previous nine months came in at $290.5 million compared to $385.6 million for the same period last year.

'Although the market environment continues to be impacted by unfavourable economic conditions, IGT delivered strong revenues and gross profits during the third quarter,' said Thomas Mathews, Chairman and Chief Executive Officer for IGT.

IGT also owns online gaming software supplier Wagerworks alongside mobile games developer and operator Million-2-1 and stated that it now held cash reserves of $382.1 million, which was down on the $400.7 million it processed in September.

'We furthered our server-based gaming initiatives with the release of several new models on our Advanced Video Platform and the completion of the strategic acquisition of Million-2-1 in the third quarter as well as closing the acquisition of substantially all of the assets of Cyberview Technology Incorporated in July,” said Mathews.

“In addition, we have repurchased 14.6 million shares of IGT stock since April 18, 2008.'

 
 
 
 
 
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