Land and online gaming giant International Game Technology has announced their first half 2016 financial results, noting a jump in revenues and profits.
Key financial indicators for the second quarter ending June 30th, 2016 were:
- Revenues of $1.29 billion, up 1% from the same period last year.
- Operating income was up 47% to $171 million
- Net income up 4% to $290 million
- EBITDA up 2% to $443 million
- Net income per share of $0.36
First half revenue numbers were:
- Total revenues for the first half of $2.56 billion
- Operating income of $358.6 million
Commenting on his company's performance IGT CEO Marco Sala said, "Robust growth in our global lottery operations, notably in Italy and North America, and the resilience of our global gaming business are the key takeaways from our second quarter results. Service revenues, which account for the bulk of our business and are mostly supported by long-term contracts, rose a solid 6% at constant currency in the period.
"We are making good progress implementing our strategy of developing innovative content and technology that we can leverage across gaming platforms and around the world."
IGT CFO Alberto Fornaro also commented, noting: "This is our third consecutive quarter of year-over-year adjusted EBITDA growth. A solid increase in service revenue, additional synergy savings and disciplined operational management all supported significant operating cash flow generation during the quarter."
"As a result, we maintained a stable net debt and leverage profile in the period when we paid the largest instalment of the upfront Italian Lotto concession payment."