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IGT suffers 44 percent profit drop, Bally enjoys a boost
IGT's second-quarter profit fell by 44 percent, as falling sales and the costs of restructuring the business hit home.
"Our second quarter saw continued difficult economic conditions worldwide impacting our financial results, but in a number of jurisdictions we are beginning to see stability in play levels," said CEO Patti Hart, who took over on 1st April this year from outgoing CEO T J Matthews.
"While the environment has been challenging, the success of our innovative new products and business efficiency initiatives give us confidence in our future prospects," she continued. "In my first month as CEO, I have seen the determination of our employees to capitalize on our industry leadership, and I am confident the results of our efforts will allow IGT to emerge a stronger company once we experience a period of sustained economic stabilization."
Meanwhile, Bally Technologies enjoyed a record quarter over the same period. "Our diversified business model drove another very profitable quarter despite the challenging economy," said Richard M. Haddrill, Bally's Chief Executive Officer. "We continued to build our recurring revenues."
