GameTech International, a designer, developer and marketer of computerized bingo and gaming equipment, systems and services, has posted a third-quarter revenue of $13.4 million -- down from $16.6 million earned during the same period in 2007.
The report attributes the decrease in revenue to a soft economy, pricing pressures due to increased competition in the bingo equipment industry and software release delays.
Despite the third-quarter drop, revenue totals for the first nine months were posted at $42.2 million -- up slightly from last year’s $42.1 million.
Jay Meilstrup, GameTech’s president and chief executive, stated in the report that the company looks forward to capitalizing and expanding the placement of bingo as well as video lottery products and services into new domestic and international markets as well as developing in mobile gaming markets.
“Until we can broaden our revenue base through the expansion of the video lottery terminals into newer markets, and penetrate into the Class III slot machine markets such as California and Nevada, our financial results from quarter to quarter remain volatile,” Mr. Meilstrup added.