Revenues at GTECH Holdings Corp. rose to $280.2 million in the first quarter of fiscal 2005, up 17 percent over the $239.6 million taken in during the first quarter of fiscal 2004, company officials said.
In addition, the board of directors approved a 2-for-1 stock split of the West Greenwich company’s common stock.
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“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.
During the first quarter, GTECH continued to sign new contracts and contract extensions abroad and domestically. These included lottery systems in Luxembourg, Australia, Turkey and Spain. In the United States, GTECH was notified of the Virginia Lottery’s intent to award a seven-year contract for ticket vending machines and contracts for similar products in Illinois and Washington.
The stock split will be effected in the form of a stock dividend to be distributed on July 30 to shareholders of record with shareholders receiving one additional share of common stock for each share held. The company had 58,993,004 shares of common stock outstanding as of May 29.
GTECH officials also said they expect total revenue growth of 20 percent to 21 percent, with service revenue growth in the range of 7 percent to 9 percent and product sales in the range of $210 million to $220 million.
“Based upon our current outlook, we are confident we can achieve our goals and objectives in fiscal 2005 and beyond,” said Senior Vice President and CFO Jaymin B. Patel.
