Revenues up at IGT

The U.S. land and online gambling company International Game Technology has posted its Q4-2013 results, highlighting the following achievements for fiscal 2013:

* Total revenues increased 9 percent over the same period last year to $2.34 billion, with social gaming a major contributor.

* Social gaming revenues increased 151 percent to $219 million and average bookings per daily active user grew 42 percent to $0.37

* Adjusted earnings per share from continuing operations increased 22 percent to $1.27

* Returned $270 million to shareholders in the form of share repurchases and dividends

* Company intends to enter into a $200 million accelerated share repurchase agreement, further demonstrating its continued commitment to shareholder returns.

* For fiscal 2013, North American revenue increased 12 percent to $1.84 billion and international revenue was flat at $507 million.

* Free cash flow increased 41 percent to $335 million due to lower capital expenditures in gaming operations.

Results for the interactive division of the company included:

* Social gaming revenues increased 72 percent to $61 million in the fourth quarter compared to the prior year quarter, primarily driven by an increase in both average daily average users.

* Average DAU on DoubleDown operations were 1.7 million, an increase of 20 percent over the prior year quarter.

* Average mointhly average users were 6.7 million, an increase of 32 percent compared to the prior year quarter.

* Average bookings per DAU was $0.40, an increase of 43 percent over the same quarter last year.

IGT chief executive Patti Hart said:

“We continue to drive significant revenue and earnings per share growth through the successful execution of our strategy and disciplined approach to capital allocation.  Our goal, as always, is to maximize our returns to shareholders through targeted share repurchases, consistent dividends and robust earnings growth.”

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