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31Jul/100

Slot Machines: International Gaming Technology’s Shows 52% Profit Increase

Slot-machine maker International Gaming Technology, slowed by the continuing recession, did have some good news for Wall Street today. The slot machine manufacturer showed a 52% profit increase in the their fiscal third quarter. The profit was attributed to tax gains.

Although International Gaming Technology's did show an impressive profit, shares fell 1.2% to $16.50 in after hours trading. So far this year, IGT stock has fallen eleven percent, as Wall Street investors have been disappointed with the stocks performance.

Chief Executive Patti Hart, said the third quarter profits "reflect meaningful progress at IGT." Goldman Sachs is not as optimistic when it comes to the slot industry and online slot machine games. Goldman Sachs analysts have gone on record saying they do not expect a full recovery until 2012.

Revenue from gaming operations, in which IGT leases the machines and shares in the profits, is down 3.5% and revenue from outright machine sales is down 7.6%. IGT relies on gaming revenue heavily from the leased machines. Their total revenue from their leasing agreements is 56% of their total sales.

IGT total reported profit was $92.1 million, 31 cents a share, which is up from $60.6 million, or 20 cents a share over last years reported profit.