IGT's First Quarter Financials Show Big Growth

Gaming industry giant International Game Technology has released its first quarter 2013 fiscal results, noting big jumps in revenues and sales.

Key financial indicators for the period ending December 31st, 2012 were:

• Total revenues increased 19% to $530 million

• North America product sales revenue increased 54%

• GAAP earnings per share from continuing operations increased 41% to $0.24

• Adjusted earnings per share from continuing operations increased 65% to $0.28

• Sold 5,100 North America replacement units, up 82%

• Social gaming revenues increased 15% sequentially from the fiscal fourth quarter of 2012

IGT's Interactive business posted the following results:

• Interactive revenues of 320% to $52.9 million (Q1/2011: $12.6 million) of which;

• social gaming contributed $41.3 million

• IGTi contributed $11.6 million, a decline of 8% compared to Q1/2011.

• Consolidated Interactive gross margin of 58% (Q1/2011: 52%) of which;

• social gaming - 60%

• IGTi - 51%, down 2% (Q1/2011: 52%)

Commenting on her company's performance IGT CEO Patti Hart said: "Our robust first quarter results – 19% revenue growth and a 65% increase in adjusted earnings per share from continuing operations – provide a great start toward what we expect will be our fourth consecutive year of double digit growth in adjusted earnings per share from continuing operations."

"We believe our strong performance demonstrates that our strategy is working and that IGT is moving in the right direction. Through the remainder of fiscal 2013, we intend to build on this momentum by leveraging our core business, distributing our best-in-class content more broadly, and returning capital to shareholders."