Igt Declares Quarterly Cash Dividend

Double Down fails to shine in third quarter results

International Game Technology's Board of Directors has declared a quarterly cash dividend of $0.20 per ordinary share on the back of its third quarter and nine-month fiscal report.
Key performance indicators for the 12 week period ending September 30, 2016 included:
– Consolidated revenue up 5 percent to $1,266 million (Q3/2015: $1,202 million). Primarily attributed to strong performances in the North America Lottery and Italy segments.
– Gaming service revenue was below the prior year, primarily on lower DoubleDown revenues which dipped 17.5 percent to $66 million (Q3/2015: $80 million).
– Operating income increased 26 percent to $164 million (Q3/2015: $130 million).
– Adjusted operating income grew 9 percent to $286 million, from $261 million.
– Adjusted EBITDA of $430 million was 4 percent higher than in the third quarter of 2015, representing the fourth consecutive quarter of year-over-year growth.
– Net loss attributable to IGT plc was $2 million reflecting the impact of $21 million in primarily non-cash foreign exchange losses.
– On an adjusted basis, net income attributable to IGT rose 6 percent to $90 million.
– The Company reported net loss per diluted share of $(0.01) and earned $0.45 per diluted share on an adjusted basis.
"We achieved broad-based growth across regions in the third quarter and our financial condition is strong," Alberto Fornaro, chief financial officer of IGT commented.
"Higher profitability enabled us to maintain our leverage ratio despite the significant interest and tax payments of the quarter. Based on our performance to date, we remain comfortable with our adjusted EBITDA outlook for the full year."

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