Las Vegas-based IGT, a manufacturer of slot machines and casino game management systems, reported earnings today for the quarter ending March 31.
Company: International Game Technology (NYSE:IGT)
Revenue: $512.8 million (down 14.5 percent from the same period in 2013).
Earnings: $25.7 million in profit (down 67 percent from the same period in 2013).
Earnings per share: 10 cents (down 67 percent from the same period in 2013).
The reported drops in revenue and profit came after IGT said last month it would cut 7 percent of its global workforce, citing in part an unexpected “sharp decline” in North American revenue.
IGT had 5,000 employees as of Sept. 30 last year.
Along with the staff cuts, the company also slashed its earnings forecast last month to between $1 and $1.10 a share this year, down from $1.28 to $1.38 a share.
Quote: “In our fiscal first quarter, we expanded revenue while maintaining strong operating income and cash flows, despite market challenges,” CEO Patti Hart said. “We remain confident that our focus on content, distribution and maximizing shareholder value while improving efficiencies will position us for success in fiscal 2014.”