Scientific Games Corporation, a technology-based products supplier, announced on Friday a contract extension to supply the Tennessee Education Lottery Corporation with instant lottery tickets until 2015.
This news came after the New York-based company posted a year-over-year profit decline last week for 2008 of $56.9 million. Net income for the full year was $8.5 million or 9 cents per diluted share. In 2007, net income for the company was $65.4 million or 68 cents per diluted share.
Scientific Games said the profit decline was due to employee termination costs, contract loss accruals and $76.2 million in asset impairments among other factors. The group’s full-year earnings before interest, taxes, depreciation and amortization also decreased from $307.5 million to $298.9 million.
Despite the decrease, the supplier saw a 7 percent growth in revenues for the year when compared to 2007.
“The growth exhibited across our business groups in spite of the global economic meltdown in 2008 is a testament to the resilience of our business model,” said A. Lorne Weil, the company chairman, in a prepared statement.