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International Game Technology Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 9, 2012 03:25PM

International Game Technology (IGT) filed Quarterly Report for the period ended 2012-03-31. Intl Game Tech has a market cap of $4.74 billion; its shares were traded at around $14.88 with a P/E ratio of 17 and P/S ratio of 2.4. The dividend yield of Intl Game Tech stocks is 1.5%. Intl Game Tech had an annual average earning growth of 2.7% over the past 10 years.



Highlight of Business Operations:

Deferred revenue decreased $9.0 million during the first six months of 2012 to $50.1 million at March 31, 2012, primarily related to the completion of obligations under multi-element contracts. During the first six months of 2012, we recognized revenues for 1,200 units previously shipped and 700 units shipped for which revenues were deferred, for a net decrease of 500 units in deferred revenue.

North America product sales revenues increased $25.8 million primarily due to increased units recognized (up 19%) and increases in average sales price per unit (up 10%). Increased unit sales were driven primarily by higher replacement demand. Higher average sales price was driven by a favorable mix of premium priced MLD units, which comprised 44% of total units shipped compared to 14% in the prior year quarter. Gross margin improvement was primarily due to lower manufacturing costs mostly related to volume efficiencies.

North America product sales revenues increased $25.8 million primarily due to increased units recognized (up 19%) and increases in average sales price per unit (up 10%). Increased unit sales were driven primarily by higher replacement demand. Higher average sales price was driven by a favorable mix of premium priced MLD units, which comprised 44% of total units shipped compared to 14% in the prior year quarter. Gross margin improvement was primarily due to lower manufacturing costs mostly related to volume efficiencies.

North America product sales revenues decreased $4.8 million primarily due to lower non-machine sales and lower units recognized (down 2%) partially offset by increases in average sales price per unit (up 6%). Decreased unit sales were driven primarily by fewer new openings or property expansions. Higher average sales price was driven by a favorable mix of premium priced MLD units, which comprised 49% of total units shipped compared to 8% in the prior year quarter. Non-machine revenues decreased $12.0 million primarily due to lower Advantage® systems sales and lower parts partially due to fewer promotional conversion kits. Gross margin declined primarily due to unfavorable product mix and higher discounts, partially offset by lower manufacturing costs related to volume efficiencies and reduced engineering rework.

North America product sales revenues decreased $4.8 million primarily due to lower non-machine sales and lower units recognized (down 2%) partially offset by increases in average sales price per unit (up 6%). Decreased unit sales were driven primarily by fewer new openings or property expansions. Higher average sales price was driven by a favorable mix of premium priced MLD units, which comprised 49% of total units shipped compared to 8% in the prior year quarter. Non-machine revenues decreased $12.0 million primarily due to lower Advantage® systems sales and lower parts partially due to fewer promotional conversion kits. Gross margin declined primarily due to unfavorable product mix and higher discounts, partially offset by lower manufacturing costs related to volume efficiencies and reduced engineering rework.

Read the The complete Report



Stocks Discussed: IGT,
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