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IGT Releases Pre-Merger Financials

International Game Technology has released their first and second quarter financial results this week, which covers a period before the GTECH acquisition of the firm and contains split recording between the two groups.

GTECH's key Financial Results for the first quarter ending March 31st were:

  • Consolidated Revenue growth of 3 percent to Euro 808 million (Q1/2014: Euro 781 million).

  • EBITDA of Euro 296 million was in line with the first quarter of 2014 and near all-time peak levels.

  • Operating Income of Euro 149 million (Q1/2014: Euro 181 million), the disparity associated with one-off costs related to the acquisition of IGT Legacy.

  • Net Loss Attributable to the Owners was Euro 27 million compared to net income of Euro 75 million in the first quarter of 2014. Again results reflect costs associated with the acquisition.

  • Cash from Operations was Euro 158 million compared to Euro 163 million in the prior year.

  • Capital Expenditures in the first quarter were Euro 65 million.

  • Net Financial Position - excluding acquisition costs - of Euro 3.16 billion (Q4/2014: Euro 2.59 billion).

IGT's financial results were:

  • Total revenue decrease of 22 percent to $399 million.

  • Adjusted earnings per share decreased to $0.09 from $0.20.

  • GAAP earnings per share decreased to ($0.05) from $0.10.

  • Social gaming revenue increased 17 percent to $81 million and average bookings per daily active user grew 9 percent to $0.47.

  • Returned $27 million to shareholders in the form of dividends.

Interactive results were:

  • Interactive revenue was $94.1 million (Q2/2014: $79.8 million).

  • Mobile revenue comprised 41 percent of total bookings in the quarter and increased 52 percent compared to the prior year quarter.

  • Social gaming revenue increased 17 percent to $81 million (Q2/2014: $68.8 million). Average DAU were 1.9 million, an increase of 9 percent. Average bookings per DAU in the first quarter were $0.47, an increase of 9 percent over the same quarter last year.

Commenting on the results IGT Chief Financial Officer Alberto Fornaro said, "We achieved near-record GTECH EBITDA during the first quarter on top of challenging, multi-year comparisons. We also improved our net financial position excluding one-off items linked to the transaction. We have confirmed our $280 million target for cost and revenue synergies and are on track to deliver them on schedule."

IGT CEO Marco Sala added: "We had a solid first quarter for GTECH operations, continuing to run the underlying business efficiently and profitably, at the same time as we were completing a transformative merger. We were ready to launch the integration from day one, focusing on revitalizing our R&D capabilities. Exciting content delivered across the whole range of platforms is the key to consolidating our leadership of the global gaming industry."

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