Gaming company reports record revenues
By staff
International Game Technology has announced its first quarter operating results with record revenues of $641.2 million, up 33.1 million, and cash flow from operations up 13 per cent to $153.7 million.

Matthews, IGT's Chief Executive Officer, said 'We saw strong operating cash flows during the quarter at IGT. Our results demonstrate that despite a slowdown in domestic machine demand, we continue to execute on our strategy to grow the profitability of our international business and our efforts to expand the contribution from non-machine product sales. Further, IGT's strong financial position and pipeline of highly anticipated new MegaJackpots(R) products to be rolled out later this year should further enhance our strong cash flows.'

First quarter income from continuing operations was $122.4 million or $0.33 per diluted share, an increase from $116.7 million or $0.32 in the prior year quarter. Net income for the quarter was $122.4 million or $0.33 per diluted share versus $176.3 million or $0.48 per diluted share in the prior year quarter.

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