WASHINGTON (dpa-AFX) - International Game Technology (IGT) reported that its first-quarter net income decreased to $49.3 million or $0.16 per share, from $73.7 million or $0.25 per share in the same quarter last year. GAAP income from continuing operations for the quarter was$50 million, or $0.17 per share, compared to $73 million, or $0.25 per share, in the same quarter last year. The prior year's quarter was favorably impacted by $0.04 per share from certain discrete tax benefits and an investment gain. Adjusted income from continuing operations for the quarter was $50 million, or $0.17 per share, compared to $62 million or $0.21 per share, in the same quarter last year. Total revenues for the first quarter were $445.5 million, down from $451.2 million for the same quarter last year. The lower revenue was mainly due to fewer new casino openings in North America. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share on revenues of $484.63 million for the quarter. Analysts' estimates typically exclude special items. The company reiterated its fiscal year 2012 adjusted earnings from continuing operations guidance in a range of $0.93 - $1.03 per share. Analysts expect the company to report earnings of $1.06 per share for fiscal 2012.
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