Social Gaming and product sales drive IGT growth

International Game Technology (IGT) delivered its third quarter operating results with social gaming revenue almost doubling compared to the same period last year.

Third quarter highlights compared to last year’s third quarter ending June 30, 2012 include:

–     A total revenue increase of 9 percent to $579 million, primarily due to substantial increases in North America product sales and social gaming

–     Social gaming revenues increased 105 percent to $61 million and average revenue per daily active user grew 60 percent to $0.40

–     GAAP earnings per share from continuing operations increased 56 percent to $0.25

–     Adjusted earnings per share from continuing operations increased 43 percent to $0.33

Social Gaming

–     Social Gaming revenue amounted to $61.4 million (Q3/2012: $29.9 million) an increase of 105 percent (13 percent up compared to the previous quarter)

–     Social Gaming gross margin of 62 percent (Q3/2012: 61 percent)

–     Double Down Daily Average Users rose 25 percent to 1.7 million (flat compared to previous quarter)

–     Double Down Monthly Active Users rose 28 percent to 6.7 million compared to the same period in 2012 (up 6 percent compared to the previous quarter).

–     Average bookings per DAU increased 60 percent over the same quarter last year and 8 percent from the prior sequential quarter to $0.40.

Interactive:

–     Revenue amounted to $11.1 million, down 15 percent (Q3/2012: $13.1 million).

–     Gross margin of 65 percent compared to 32 percent in 2012, a 103 percent variation.

“We are pleased to report another quarter of strong financial performance demonstrated by growth in revenue, operating income and EPS,” said Patti Hart, CEO of IGT. “Our momentum continues and is bolstered by our focused attention on the execution of our business strategy and positive leverage from the broad distribution of our best-in-class content.”

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