GTECH’s revenues up by 11 percent
By maddy
Gtech President and CEO W. Bruce Turner said that his company’s third quarter business increased by a healthy 11 percent. The company attributes the positive growth to stronger same store lottery sales and new customers in the core business. Gtech’s recent PolCard and Interlott acquisitions also played a part, contributing a total of $11 million of service revenues in the quarter.

The Rhode Island based company’s revenues for the third quarter of fiscal 2004 totaled $254.9 million; with a net income of $45.9 million.

The Company expects service revenue growth in the range of 8 to 9 percent. The Company expects product sales to be in the range of $105 million to $110 million.

The Company expects product sales in the range of $230 million to $250 million, including approximately $70 million to $80 million from acquisitions.

Gtech was recently awarded long term contracts to provide integrated services to the Tennessee and Florida lotteries to provide an online lottery system, terminals, and a telecommunications network. According to company estimates, the new contracts are expected to generate more than $500 million in aggregate revenue to the company.

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