Rob Lenihan
Slot machine and video lottery provider International Game Technology (IGT) posted fourth-quarter profits on Thursday that were nearly twice as much as a year ago.
The Reno, Nev., company reported fourth-quarter earnings of $105.4 million, or 30 cents a share, almost double the $54.3 million, or 15 cents a share, in the same quarter last year. The company said the hurricane-related casino closings along the Gulf of Mexico reduced earnings by about 2.6 cents a share. Last year's results included a $77 million charge related to the early redemption of senior notes and favorable tax adjustments involving foreign income tax credits. Revenue totaled $607.6 million, down from $621.7 million a year ago. "Although the company faced difficult domestic marketplace conditions," said Chairman and CEO T.J. Matthews, in a statement, "IGT delivered meaningful accomplishments this year." Shares of International Game were rising $1.58, or 6%, to $27.60.TheStreet Premium Services
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