Second quarter revenue drops for International Game Technology

International Game Technology (IGT), a supplier of gaming and lottery services and products, saw its second-quarter revenue slide a little compared to last year. In a Tuesday filing, the company said that its consolidated revenue for the quarter had dipped almost 1.5% year-on-year, coming in at $1.20 billion. In the second quarter of last year, the company reported $1.22 billion in consolidated revenue.

Almost $161.5 million in net income attributable to IGT was recorded for the quarter, following a loss of $290 million in the same period last year. This included a gain of $173 million from net foreign exchange, giving the company adjusted net income of $57 million.

IGT still carries a substantial amount of debt – $7.53 billion at the end of the quarter. This is up $210 million from the end of last year. Operating income for the company, however, increased by 8.9% for the quarter to reach $209 million.

The firm’s EBITDA (earnings before interest, taxation, depreciation and amortization) was $441.8 million, a bump up of 4.2% over the $423.7 million recorded in the same period last year. The increase in EBITDA was attributed to “robust global lottery performance and disciplined operational management.”