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IGT Posts First Post-Merger Financials

International Game Technology has posted its first quarterly financial results since the company merged with GTECH, missing industry analyst forecasts.

Key financial indicators for the quarter ending June 30th, 2015 were:

  • Group revenue increased 36 percent to $1,29 billion (Q2/2014: $945 million). Constant currency basis, consolidated revenue increased 1 percent.

  • Adjusted EBITDA was 427 million, up 32 percent, in constant currency it was in line with the prior year period.

  • Net loss of $117 million / loss per share of $0.59.

  • Net income of $70 million or $0.35 per share, on an adjusted basis.

  • Operating income of $116 million, compared to $171 million in Q2/2014. On a constant currency basis, an increase of 3 percent.

  • North America Gaming & Interactive were grouped into one of four customer-facing segments - Revenue was reported to be $353 million compared to $28 million in the second quarter of 2014.

  • Revenue from DoubleDown contributed $73 million, up 1.8 percent from the comparable period last year, while mobile penetration increased 38.8 percent.

  • Interactive gaming wagers declined 6.7 percent to Euro 414 million while sports betting wagers declined 6.2 percent to Euro 205 million.

  • International revenue was $247 million, 67 percent higher than the prior year on a reported basis. On a pro forma, constant currency basis, international revenue rose 17%, reflecting strong product sales for lottery terminals and gaming machines.

  • International gaming service revenue nearly tripled on a reported basis but declined 1% on a pro forma, constant currency basis.

  • Revenue in Italy was $432 million, 22 percent behind Q2/2014, principally due to the weakening of the euro against the U.S. dollar. Excluding currency translation, Italian revenue was down 4 percent from the prior-year period.

  • Total Lotto wagers in the quarter were up 11 percent to Euro 1.73 billion compared to Euro 1.56 billion last year.

  • Instant-ticket wagers declined 4 percent to Euro 2.22 billion versus Euro 2.32 billion last year.

The company is issuing a cash dividend of $0.20 per share, which will be paid out to investors on September 10th.

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