iGaming Business – Gaming products designer and manufacturer International Game Technology (IGT) has admitted that a “muted interest” in its core business led to a year-on-year drop in revenue during the 12 months through to September 30.
Full-year revenue amounted to just under $2.1 billion (€1.7 billion), which represented a drop of 12% on the $2.3 billion achieved in the corresponding period last year.
Operating income fell by 17% to $408.6 million while net income dropped 9% from $272.7 million last year to $247.9 million in the past 12 months.
Earnings per share decreased by 4% to $0.99 while net operating cash flows also slumped by 57% from $462.6 million in 2013 to $199.2 million this year.
The full-year performance was not helped by a disappointing fourth quarter, during which IGT saw revenue fall 15% year-on-year from $632.3 million last year to $536.5 million.
However, operating income remained relatively flat at $123.2 million in the quarter while net income increased by 12% from $63.5 million to $70.9 million.
In addition, earnings per share increased slightly to $0.28.