LOS ANGELES, Nov 5 (Reuters) - Slot-machine maker International Game Technology posted a net loss on Thursday for its latest quarter as casinos continued to delay orders and it wrote down the value of various assets.
The results came in slightly ahead of Wall Street estimates and shares were largely flat.
'Our fiscal 2009 results reflect a challenging operating environment, which we believe stabilized during our fiscal third and fourth quarters,' Chief Executive Patti Hart said in a statement.
'While we remain cautious on the timing and extent of the replacement cycle, we have been encouraged by modest upticks in spending by many of our casino operator customers over the past two quarters.'
The company posted a net loss of $21.3 million, or 7 cents a share, for the fiscal fourth quarter ending in September, compared with net income of $52.1 million, or 18 cents a share, a year earlier.
The results included previously disclosed non-cash charges of 26 cents per share and restructuring expense of 1 cent per share.
Excluding the loss on other assets, but including the restructuring charge, the company had a profit of 19 cents a share, which exceeded the analysts' average estimate of 17 cents a share, according to Thomson Reuters I/B/E/S.
Revenue fell 19 percent to $514.6, but also beat analysts' average estimate of $492.7 million.
Shares of IGT were unchanged at $18.56 after hours.
(Reporting by Deena Beasley) Keywords: INTERNATIONALGAMETECHNOLOGY/ (deena.beasley@thomsonreuters.com; 1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The results came in slightly ahead of Wall Street estimates and shares were largely flat.
'Our fiscal 2009 results reflect a challenging operating environment, which we believe stabilized during our fiscal third and fourth quarters,' Chief Executive Patti Hart said in a statement.
'While we remain cautious on the timing and extent of the replacement cycle, we have been encouraged by modest upticks in spending by many of our casino operator customers over the past two quarters.'
The company posted a net loss of $21.3 million, or 7 cents a share, for the fiscal fourth quarter ending in September, compared with net income of $52.1 million, or 18 cents a share, a year earlier.
The results included previously disclosed non-cash charges of 26 cents per share and restructuring expense of 1 cent per share.
Excluding the loss on other assets, but including the restructuring charge, the company had a profit of 19 cents a share, which exceeded the analysts' average estimate of 17 cents a share, according to Thomson Reuters I/B/E/S.
Revenue fell 19 percent to $514.6, but also beat analysts' average estimate of $492.7 million.
Shares of IGT were unchanged at $18.56 after hours.
(Reporting by Deena Beasley) Keywords: INTERNATIONALGAMETECHNOLOGY/ (deena.beasley@thomsonreuters.com; 1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
