RENO, Nev. (AP) -- International Game Technology reported its 12th consecutive quarter of rising earnings Wednesday, a winning streak fueled by the slot maker's expanding markets and continued dominance in the gambling industry.
The Reno-based company reported a record net income of $87.9 million, excluding discontinued operations from acquired unit Anchor Gaming, on revenues of $531.5 million for the first quarter ending Dec. 28, 2002.
Earnings per share of $1 were up 43 percent over the same quarter in 2002, the company said. That compares with earnings of $51.8 million, or 70 cents, in the same quarter a year earlier.
The report surpassed Wall Street expectations by 8 cents a share, according to analysts surveyed by Thomson First Call.
IGT closed at $76.80 Wednesday on the New York Stock Exchange, down 80 cents a share.
The company credited new gambling markets as well as replacement machines in existing markets for its strong sales figures. Revenue from product sales totaled a record $241.3 million, an increase of 21 percent from the prior year.
"Achieving new records in the product sales segment is extremely gratifying, considering the current generalized weakness in capital spending," IGT President and Chief Executive Officer G. Thomas Baker said in a written statement.
Maureen Mullarkey, IGT's chief financial officer, predicted the company's future would be aided by continued expansion of gambling markets, both at Indian casinos and as cash-strapped states look for new revenue sources.
"We believe the gaming industry is on a growth trend once again," she said.
She said 11 states now have commercial gambling; 23 states have Indian casinos and six states have "racinos," a term referring to establishments where track betting is integrated with gambling machines.
IGT is the world's largest maker of slot machines and other gambling devices, commanding about two-thirds of the industry market.
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