Two days ago International Game Technology announced operating results for the fourth quarter and fiscal year ended September 30, 2011. Patti Hart, CEO of IGT, commented, "In fiscal year 2011, we grew revenue, leveraged our gaming operations, improved margins, positioned the international business for growth and increased our interactive presence. We delivered strong financial results and held true to the commitments we made to our shareholders by directing our resources towards the highest returning opportunities. We are focused on improving all aspects of our business, with the expected outcome of improved returns to our shareholders in fiscal year 2012."
Operating income for the fourth quarter was $116 million, an increase of 18%, compared to $98 million in last year's fourth quarter, primarily due to higher revenues. For the fiscal year ended September 30, 2011, operating income increased 19% to $505 million compared to $425 million in the prior year, due to higher revenues combined with gross margin expansion and lower impairment and restructuring expense. Fourth quarter revenues from gaming operations increased 8% to $283 million compared to $261 million in the prior year mostly due to improved WAP performance, growth in the International install base and increased interactive revenue with the acquisition of Entraction Holding AB. For the fiscal year ended September 30, 2011, total gaming operations revenue was $1.07 billion, flat compared to the prior year.
Fourth quarter product sales revenues were $257 million, up 20% and for the year ended September 30, 2011, revenues were $884 million, up 5% compared to the same periods last year mainly driven by North America machine sales. Globally, the company recognized 11,300 units in the quarter, up 38% from last year's fourth quarter, primarily due to an increase in domestic replacement units. For the fiscal year ended September 30, 2011, the company recognized 37,500 units, an increase of 8% over the prior year, due to an increase in domestic replacement units.
Yesterday IGT released information about a letter of intent signed with Revel Entertainment Group to provide a complete systems solution for the resort's casino floor and a dynamic games mix for 40% of the floor at Revel.
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When the resort's doors open in spring of 2012, it will offer its guests the first fully networked casino floor featuring Media Manager on every game. The LOI includes a full IGT Advantage® and sbX™ casino management solution as well as Service Window applications that deliver engaging and personalized guest experiences in Revel's casino.
Today another announcement from IGT states that it has installed the first sbX™ casino management solution and player favorite Sex and the City™ Multi-Level Progressives (MLP) in the United Kingdom at Gala Leo's Casino, owned and operated by Gala Casinos, in Liverpool. With more than 50 sbX™ customers in 11 countries on 5 continents, IGT is proud to bring its industry leading server-based gaming solutions to the United Kingdom.
"The worldwide momentum of IGT's systems solutions and top performing casino games is truly exemplified through this placement of sbX™ and Sex and the City™ slots at Leo's Casino," said Sabby Gill, IGT regional vice president of Europe, the Middle East and Africa . "We are thrilled to bring our award-winning systems solution to the United Kingdom along with one of the most recognizable and top performing licensed casino games in the market today."
“We are always looking for ways to provide our players with the very best gaming experiences possible and bringing these two premier IGT products to Leo's Casino gives players something that they cannot find anywhere else in the United Kingdom," said Rosanna Evans, Head of E-Gaming, Gala Casinos. (E-11.10.11)
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