Gaming machine developer International Game Technology reported net income of $108.3 million for the third quarter of 2008, a 21 percent decline from $136.4 million over the same period last year.
"Although the market environment continues to be impacted by unfavorable economic conditions, IGT delivered strong revenues and gross profits during the third quarter," said Chairman and CEO TJ Matthews.
"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, Inc. in July. In addition, we have repurchased 14.6 million shares of IGT stock since April 18, 2008.