WEST GREENWICH – GTECH Holdings Corp. reported a 19 percent increase in sales in the recently completed third quarter producing revenue of $263 million during the period compared with $221 million for the same period a year ago. The result was a net income of $21.6 million or $0.73 per diluted share, compared with $18.3 million, or $0.543 a diluted share a year ago. The company attributed the increase in revenue and, consequently, profits primarily to the large volume of sales of terminals and software to Camelot Group Plc in the United Kingdom. GTECH also announced that it would pay down debt in the fourth quarter and reduce its profit margin as a result by as much as 46 cents a share. The company plans to raise $150 million through the sale of convertible debt and will use some of the proceeds to buy back as much as $40 million of its common stock. Earnings of between 81 cents and 86 cents a share are predicted by the company for the fourth quarter. Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,… (Compiled from news reports and releases, print and electronic.)
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
GTECH reports third-quarter increase in profits
PBN Branded Content
