In the statement accompanying the results, the company explained that the "second quarter of the current year was unfavourably impacted

by a number of significant items including a steep decline in interest rates, technological obsolescence charges related to the transition toward our new cabinets and platforms, additional bad debt provisions, and discrete tax items."

Between them, these second-quarter items totalled around $20 million after tax, and the company explained that figures for the second quarter last year were improved by some $17 million of gains, from insurance claim receipts, the sale of an aircraft and bad debt out-turns in IGT's favour.

"IGT's second quarter results were challenged by the current market environment," said Chairman and CEO TJ Matthews. 

"We remain focused on strategic initiatives which will maintain our standing as the leading worldwide provider of innovative gaming products and services. We continue to prepare for the introduction of the next generation of technological innovations and look forward to the market-driven expansion in domestic and international jurisdictions we believe will develop in the near future. Recent strategic accomplishments that will enhance IGT's long-term opportunities include our sb-related agreements with Harrah's and CityCenter, our cross-licensing agreement with WMS, our strategic alliances with Progressive Gaming, Games Media and The Global Draw, and our potential acquisition of Cyberview Technology, Inc."

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