IGT earnings fall 39 percent in third quarter

Slot machine giant International Game Technology saw its profits decline 39 percent in the quarter that ended June 30.

The Reno-based slot machine maker said this morning its net income in the third quarter was $66.3 million or 22 cents a share, compared with $108.3 million or 35 cents per share in the same quarter last year.

IGT said its revenues in the quarter were $522.1 million, a 23 percent drop compared with $677.4 million in the same quarter in 2008.

The company said the number of slot machines shipped to casinos during the quarter decreased 31 percent.

"Although we continue to face an environment of suppressed demand, we were pleased with continued stability in our gaming operations yields and an uptick in unit sales from the second quarter," IGT Chief Executive Officer Patti Hart said in a statement.

Hart, who took over as CEO in April, said the company did make progress in several areas despite a challenging market. The company completed refinancing efforts, filled key executive positions and said positive feedback had been received from casino operators on its new operating systems and products.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.