GTECH profit, revenue decline for fourth consecutive quarter

GTECH S.p.A. on Thursday reported second-quarter net income of 65.6 million euros ($89.9 million based on the exchange rate of $1.37 per euro on June 30), a 9 percent decline compared with the €72.1 million ($98.8 million) income for the same period last year. More

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GTECH profit, revenue decline for fourth consecutive quarter

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GTECH S.p.A. reported a 9 percent decline in second-quarter profit compared with the same period last year, a drop CEO Marco Sala said was the result of "comparison with a very good second quarter last year."
Posted 7/31/14

PROVIDENCE – GTECH S.p.A. on Thursday reported second-quarter net income of 65.6 million euros ($89.9 million based on the exchange rate of $1.37 per euro on June 30), a 9 percent decline compared with the €72.1 million ($98.8 million) income for the same period last year.

GTECH’s revenue also dropped in the second quarter, falling 1.4 percent to 751 million euros ($1.03 billion) from 762 million euros ($1.04 billion) in the second quarter of 2013.

The three months ended June 30 represented the fourth consecutive quarter in which GTECH’s revenue and net income declined year over year.

Marco Sala, CEO of GTECH S.p.A., attributed the decline to tough comparisons with last year’s exceptionally good second-quarter performance due to record jackpot activity and Canadian video lottery terminal replacement sales.

These factors most directly impacted GTECH’s Americas-segment revenue performance. Revenue for GTECH in the Americas totaled 250 million euros ($343 million) during the three months ended in June, down 4.2 percent from 261 million euros ($358 million) for the same quarter last year. GTECH’s International segment also dropped year over year, falling 5 percent to 76 million euros ($104 million) from 80 million euros ($110 million) in the second quarter of 2013.

The Italy segment was the only division to report second-quarter revenue growth. Revenue from the segment reached 425 million euros ($582 million) this year compared with 421 million euros ($577 million) a year earlier, due mainly to higher Lotto revenues and increased sports betting revenue from the FIFA World Cup.

Earlier this month, GTECH S.p.A. announced it had agreed to purchase International Game Technology Inc., a gaming entertainment company headquartered in Las Vegas, for approximately $4.7 billion in cash and stock, merging the two companies under a newly formed U.K. holding company.

The merger is expected to close in the first or second quarter of 2015 subject to shareholder approval.

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