Lottomatica approves name change, releases 1Q results

AS OF JUNE 3, LOTTOMATICA GROUP SpA will operate as GTECH SpA, the company announced Wednesday with its first-quarter earnings results.
Posted 5/8/13

ROME – Lottomatica Group SpA shareholders have approved the adoption of the GTECH name and, effective June 3, Lottomatica will operate as GTECH SpA, the company announced Wednesday along with its first-quarter earnings.

The company said the re-branding and reorganization plan, originally announced in January, is designed to take advantage “of the positioning achieved by the GTECH brand in the gaming industry worldwide.”

For its Providence-based subsidiary GTECH Corp., Lottomatica reported a 3.4 percent decrease in revenue during the first quarter of 2013 to €229 million ($301.6 billion)

Operating income for GTECH fell 11.5 percent year over year in the first quarter to €27.5 million ($36.2 million), as its same-store service revenue fell 5.3 percent in the quarter, owning part of its decline to foreign exchange impact, according to a release.

In its earnings report, Lottomatica said that GTECH had implemented “several initiatives” both in the U.S. and abroad to further drive same-store revenue growth. A Powerball game was recently introduced in California, and the Florida Lottery joined the Mega Millions game in May.

“Specific initiatives to grow sales in conjunction with GTECH customers continue to be in place in several U.S. jurisdictions, including innovations and optimizations in lottery and instant games,” said the release.

Across all of its business segments, Lottomatica saw revenue rise 2.2 percent to €797.5 million ($1.05 billion) during the first quarter of 2013, while the company’s bottom line jumped 21.9 percent to €87.2 million ($114.9 billion), or €0.43 per diluted share, from €71.5 million ($94.2 million), or €0.33 per diluted share during the first quarter of 2012.

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