International Game Technology saw a drop in revenue during the first quarter, which its chief executive attributed to the fiscal volatility that gaming operators are facing worldwide.
For the three months ended December 31, 2008, the supplier reported a total revenue decline of $44.2 million -- from $645.8 million to $601.6 million -- when compared to the same period in 2007. Revenue losses were seen in both gaming operations and its product sales by $19 million and $25.2 million, respectively.
Net income for the quarter was $65.7 million or $0.22 per diluted share compared to $113.7 million or $0.36 per diluted share in the same quarter last year. The Reno-based company’s adjusted earnings before the deduction of interest, tax and amortization expenses were $209 million -- a decrease of $65.3 million from 2007.
“Our first quarter results reflect the on-going effects of difficult economic conditions worldwide that have impacted both gaming operators and casino patrons,” said Thomas J. Matthews, the company’s chief executive. “Although we expect to continue to face a challenging global market environment in the near-term, we remain focused on IGT's long-term objectives.”