GTECH shows gains under new corporate name, structure

GTECH’s revenue and profit increased in the second quarter of 2013, the company announced Tuesday in its first earnings report since its re-naming and reorganization in January. More

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GTECH shows gains under new corporate name, structure

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GTECH INCREASED its revenue in the second quarter of 2013, the first under the company's new name and structure
Posted 7/30/13

PROVIDENCE – GTECH’s revenue and profit increased in the second quarter of 2013, the company reported Tuesday in its first earnings statement since its re-naming and reorganization announced in January.

GTECH S.p.A., formerly known as Lottomatica S.p.A., saw a 2.6 percent increase in revenue to €762 million ($991.3 million based on the exchange rate of $1.30 on June 30), compared to €742.7 million ($966.2 million) in the second quarter of 2012. The company’s profit rose 3.8 percent from €69.4 million ($90.3 million), or €0.37 per diluted share, to €72.1 million ($93.8 million), or €0.39 per diluted share.

The Italian lottery company officially took on the name of its Providence-based subsidiary, GTECH Corp., in June. The company is now divided into three segments, Americas, International and Italy, with the Americas segment still headquartered in Providence.

The Americas segment showed a greater increase in revenue in the second quarter, up 27.1 percent to €261.7 million ($340.5 million). It was the company’s only segment to increase revenue on a year-over-year basis in the second quarter.

GTECH credited strong product sales, improved instant-ticket sales and growing same-store revenue with the increase in income in the Americas, driven in part by a record $590 million Powerball jackpot in the period. In the report, the company also noted that cross-selling of Powerball in California and Mega Millions in Florida launched in the second quarter, which is expected to further increase same store sales in the future.

“Strategically, our reorganization efforts are on track and will create a more efficient company better aligned to drive continued growth,” said CEO Marco Sala in a statement.

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