At the end of last week International Game Technology (IGT) announced operating results for the fiscal year ended 30 September 2007. Amongst financial highlights were record total revenues up 4% to US$2.6 billion with related gross profit up 8% from the previous year. Gaming operations revenues were also a record, up 9% to US$1.4 billion with related gross profit up 13%.

"IGT achieved another record year in 2007, led by record revenue and placements of our gaming operations machines. Non-machine sales also reached record levels as our business model continues to evolve towards a greater focus on software and systems," said Chairman and CEO TJ Matthews.

He added, “Adjusted EBITDA reached $1.1 billion, and we generated a record level of cash flow from operations. All of these accomplishments, coupled with the strength of our balance sheet, allowed IGT to return $1.3 billion to shareholders in the form of stock repurchases and dividends in fiscal 2007."

The installed base of recurring revenue machines ended the year at a record 59,200 units, an increase of 9,600 units from the prior year and 1,000 units from the immediately preceding quarter. Year-over-year growth was primarily the result of incremental lease operations placements in Mexico and New York, and incremental casino operations placements in Florida, Oklahoma and California. Sequential installed base growth occurred primarily in the casino operations markets of Florida and Oklahoma.

Lower domestic machine sales were offset by record non-machine sales and stronger international shipments, primarily in Japan and Asia. Non-machine revenues increased 6% to a record US$384.2 million and comprised 30% of total product sales revenues. Growth in non-machine revenues was driven primarily by higher gaming systems sales worldwide. (E-11.05.07)

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