International Game Q3 Profit Sinks - Tuesday 12th of July 2005

International Game Technology, the No. 1 manufacturer of slot machines, on Thursday said third-quarter profit sagged 19 percent on weaker sales from its gaming operations business in North America.

Net income for the quarter ended June 30 declined to $114.7 million, or 32 cents per share, from $141.1 million, or 38 cents per share, in the prior-year period.

Sales trailed off in the quarter, falling to $579.6 million from $618.9 million in what the company called a "challenging domestic environment." Revenue from gaming operations in North America slid 25 percent to $182.6 million from $243.1 million, while international revenue rose 27 percent to $91.9 million from $72.5 million in the same period.

According to a Thomson Financial survey, analysts expected lower earnings per share of 30 cents and sales of $557.7 million.

International Game controls about two-thirds of the North American market for slot machines. The companys stock fell $1.13, or 3.9 percent, to $27.87 in morning trading on the New York Stock Exchange.

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