West Greenwich-based GTECH Holdings Corp. last week announced a 17 percent increase to its first-quarter revenue compared to the same period last year.
“It was a quarter of continued progress at GTECH, with our financial, operational, and strategic plans all moving forward as expected,” said GTECH President and CEO W. Bruce Turner. “Both revenue and earnings were in line with our expectations, and we continued to see steady growth in same-store sales. The first quarter marked the eighth consecutive quarter of meaningful growth in same-store sales.”
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Revenues for the first quarter were $280.2 million compared to $239.6 million in the first quarter of fiscal 2004. Net income was $53.6 million, or 80 cents per diluted share, up 30.7 percent over net income of $41 million, or 68 cents per diluted share, for the same period last year.
Net income in the first quarter of fiscal 2005 includes a net, one-time, after-tax gain of $6.4 million, or approximately 9 cents per diluted share, associated with the sale of the company’s 50 percent interest in Gaming Entertainment LLC, net of charges associated with the early retirement of the remainder of the company’s 2007 private placement notes.
During the first quarter of fiscal 2005, the company generated $85.8 million of cash from operations which, along with other sources of liquidity, was principally used to fund the Spielo Manufacturing Inc. and Leeward Islands Lottery Holding Co. Inc. acquisitions of $193 million.
The company also announced that its board of directors approved a 2-for-1 stock split of the company’s common stock. The stock split will be affected in the form of a stock dividend to be distributed on July 30, to shareholders of record on July 1, with shareholders receiving one additional share of common stock for each share held.
