International Game Technology PLC (IGT) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $1.90 million, or $ 0.01 a share in the quarter, against a net profit of $7.13 million, or $0.04 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $90.28 million, or $0.45 a share compared with $85.21 million or $0.42 a share, a year ago.
Revenue during the quarter grew 5.33 percent to $1,265.65 million from $1,201.57 million in the previous year period. Gross margin for the quarter expanded 202 basis points over the previous year period to 39.80 percent. Total expenses were 87.06 percent of quarterly revenues, down from 89.18 percent for the same period last year. This has led to an improvement of 212 basis points in operating margin to 12.94 percent.
Operating income for the quarter was $163.83 million, compared with $130.04 million in the previous year period.
However, the adjusted operating income for the quarter stood at $285.91 million compared to $261.45 million in the prior year period. At the same time, adjusted operating margin improved 83 basis points in the quarter to 22.59 percent from 21.76 percent in the last year period.
"Strong lottery performance across the world, a larger global installed base, and increased sales of gaming machines drove another quarter of solid revenue and profit expansion," said Marco Sala, chief executive officer of IGT. "IGT’s leadership positions in lottery and gaming machines were evident at the recent gaming and lottery trade shows. The engaging player experiences and technology solutions IGT creates are the cornerstones of our growth strategy, and we are encouraged by customer enthusiasm for our innovative new products."
Operating cash flow improves significantlyInternational Game Technology has generated cash of $621 million from operating activities during the nine month period, up 31.85 percent or $150 million, when compared with the last year period. The company has spent $690.98 million cash to meet investing activities during the nine month period as against cash outgo of $3,480.73 million in the last year period. It has incurred net capital expenditure of $315.78 million on net basis during the nine month period, up 19.10 percent or $50.65 million from year ago period.
The company has spent $219.08 million cash to carry out financing activities during the nine month period as against cash inflow of $3,270.42 million in the last year period.
Cash and cash equivalents stood at stood at $349.90 million as at Sep. 30, 2016.
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