Costs grew faster than revenues during the second fiscal quarter for International Game Technology (IGT) resulting in less income than the earnings in the comparable quarter of 2011.
The company said revenues increased 13 percent to $541.2 million but that net income fell to $61.9 million or $0.21 per share from last year’s $69.6 million or $0.23 per share.
However, when acquisitions-related costs and a distributor settlement were excluded, the company’s earnings were $0.27 per share.
Earnings forecast for the full-year was raised to a range of $0.98 to $1.04 per share from the previous $0.93 to $1.03.
Commenting on the experience, CEO Patti Hart said in a statement, “As expected, our financial results are strengthening as we move through the fiscal year. Every aspect of our business is providing a meaningful contribution to our strong financial performance.”
Following the report, Robin Farley, chief gaming analyst at UBS Investment Research, reiterated her “buy” rating on the company’s stock. Her 12-month price target was given as $19 per share.
Vegas Sports Books | The LVH Super Book threw out all kinds of cool NFL stuff on Sunday that will give bettors something to chew on for a while. They posted their games of the year along with their season win totals.
The Miami Herald building, although still standing, no longer houses the newspaper operation. As of last week, the Miami Herald building is now owned by Malaysia-based Genting Group, the company that paid $236 million for the right to tear it down.
After paying an $11 million advance to a struggling Atlantic City casino it intended to buy, the parent company of the world’s largest online poker website was left with nothing for its troubles Friday when a judge ruled the casino had the right to scrap the deal.
New Jersey moved forward Friday with its plans to offer Internet gambling, issuing regulations on how the new online bets are to be handled. The state still has not set a date when Atlantic City’s 12 casinos may begin offering Internet bets.
Nevada regulators have approved Pinnacle Entertainment Inc.’s buyout of rival Ameristar Casinos Inc. The $869 million deal will more than double Pinnacle’s size.
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