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IGT Sees Fourth Quarter 2013 Revenues Rise

US gambling giant International Game Technology has published its fourth quarter 2013 financial results, noting a 9% increase in total revenues.

Key financial indicators for the quarter ending September 30th, 2013 were:

  • Total revenues increased 9% over the same period last year to $2.34 billion, with social gaming a major contributor.

  • Social gaming revenues increased 151% to $219 million and average bookings per daily active user grew 42% to $0.37

  • Adjusted earnings per share from continuing operations increased 22% to $1.27

  • Returned $270 million to shareholders in the form of share repurchases and dividends

  • Company intends to enter into a $200 million accelerated share repurchase agreement, further demonstrating its continued commitment to shareholder returns.

  • For fiscal 2013, North American revenue increased 12% to $1.84 billion and international revenue was flat at $507 million.

  • Free cash flow increased 41% to $335 million due to lower capital expenditures in gaming operations.

Online results for the quarter were:

  • Social gaming revenues increased 72% to $61 million in the fourth quarter compared to the prior year quarter, primarily driven by an increase in both average daily average users.

  • Average DAU on DoubleDown operations were 1.7 million, an increase of 20% over the prior year quarter.

  • Average monthly average users were 6.7 million, an increase of 32% compared to the prior year quarter.

  • Average bookings per DAU was $0.40, an increase of 43% over the same quarter last year.

Commenting on her company's performance, IGT CEO Patti Hart said, "We continue to drive significant revenue and earnings per share growth through the successful execution of our strategy and disciplined approach to capital allocation. Our goal, as always, is to maximize our returns to shareholders through targeted share repurchases, consistent dividends and robust earnings growth."

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