WASHINGTON (dpa-AFX) - International Game Technology Plc. (IGT) reported results for GTECH S.p.A.'s first quarter of 2015. GTECH's net loss attributable to the Owners for the quarter was 27 million euros compared to net income of 75 million euros in the first quarter of 2014. Net loss attributable to the Owners primarily reflected higher Interest Expense and other charges associated with the acquisition of Legacy IGT. Loss-Per-Share was 0.16 euros compared to earnings-Per-Share of 0.43 euros in the comparable prior year period, again reflecting acquisition-related items.
IGT noted that the combination of GTECH and Legacy IGT was completed on April 7, 2015. As such, results presented in this news release were for periods predating the combination and during which each company was under separate management.
EBITDA of 296 million euros was in line with the first quarter of last year and near all-time peak levels, reflecting growth in the Americas and stability in the International segment, in addition to net favorable foreign currency effects, which offset the impact of a higher sports betting payout in Italy.
GTECH's revenues grew 3% to 808 million euros from 781 million euros in the first quarter of 2014. This increase was principally driven by higher service revenues, which rose 4% to 755 million euros from 729 million euros in the prior year, reflecting net favorable foreign currency effects and lottery growth in Italy and the Americas.
'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,' said Alberto Fornaro, CFO of IGT.
In July 2014, IGT agreed to be acquired by Italian lottery operator GTECH S.p.A. for $6.4 billion. The deal comprises $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt.
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