ROME and PROVIDENCE – Lottomatica S.p.A. and subsidiary GTECH Corp. last night reported a 71.3-percent increase in third-quarter revenue and announced that W. Bruce Turner, the CEO of both companies, intends to resign no later than Dec. 31.

Turner told the board of directors that – having overseen the companies’ successful integration – he wishes to leave to pursue an opportunity to start an investment firm. On his departure, Lottomatica Chairman Lorenzo Pellicoli will become CEO of Lottomatica Group while GTECH President and Chief Operating Officer Jaymin Patel will become CEO of GTECH, the company said.

“I am confident in Lottomatica’s growth plan and committed to driving its continued success,” Pellicoli said in a statement. “I look forward to working with our operational leaders – Marco Sala, managing director for the Italian operations, and Jaymin Patel – to ensure that we are successful in taking advantage of the significant opportunities ahead.”

For the three months ended Sept. 30, Lottomatica posted a profit of $6.34 million (€4.32 million) at the current exchange rate. That compared with the year-ago period’s profit of $10.18 million (€6.94 million), from Lottomatica’s Italian standalone operations and one month of GTECH operations.

Third-quarter revenue increased to $566.54 million (€386.23 million) – $19.77 million from product sales and $546.92 million from services . That represented an increase of 71.3 percent compared with the year-ago total of $330.77 million (€225.50 million), which included the Italian operations and one month of GTECH operations.

Foreign exchange costs more than doubled to $49.76 million from $22.95 million in the 2006 third quarter, while interest costs grew by 55.9 percent to $71.38 million.

GTECH operations posted third-quarter revenue of about $286.5 million (€195.3 million). That included about $255.2 million from the Lottery segment, $26.4 million from gaming solutions and $5.0 million from commercial services.

Lottomatica’s Italian operations reported third-quarter revenue of $280.0 million (€190.9 million), an increase of 25.7 percent from the year-ago period.

“Lottomatica’s financial performance was good, and the fundamentals of our core business continue to experience positive growth,” Turner said in a statement. “GTECH has had positive results with the implementation of a program to enhance same store revenues. Our Italian operations experienced continued growth. With a first-to-market rollout of our sports betting brand, we are generating significant player interest that we believe will be sustainable. And the Italian scratch-and-win segment continues to perform at record levels.”

Highlights of the period included GTECH’s signing of a long-term lottery contract with Oregon, valued at about $73.4 million; a 19-month contract extension with the New Jersey Lottery; and a one-year extension with the Illinois Lottery.

For the first three quarters of 2007, the parent company posted net income of $106.3 million (€72.4 million), compared with a profit of $56.9 million (€38.8 million) in the year-ago period.

Liabilities for the first nine months of 2006 included $4.79 billion (€3.26 billion) for the acquisition of GTECH Corp.

Total revenue for the first through third quarters rose to $1.79 billion (€1.22 billion) from the 2006 period’s $830.72 million (€566.0 million).

“Our financial results are positive and in line with our guidance, despite some unfavorable market conditions,” said Bortoli, the Lottomatica Group CFO.

For all of 2007, Lottomatica predicts total revenue of about $2.42 billion to $2.46 billion (€1.65 billion to €1.68 billion) and earnings per share of 51 to 54 cents (€0.35 to €0.37).

Lottomatica S.p.A. (Italian Stock Exchange: LTO) is a commercial lottery operator and gaming technology and services company with 5,900 employees in more than 45 countries. GTECH Corp., a wholly owned subsidiary of Lottomatica, has been a provider of lottery technology and services to the R.I. Lottery since 1978. To learn more, visit www.gtech.com.