GTECH revenue grows 12.7% in 4Q

PROVIDENCE – Lottery and gaming giant Lottomatica Group said on Thursday its Providence-based subsidiary GTECH Corp. saw revenue growth of 12.7 percent in the fourth quarter.
GTECH revenue grew to 216.4 million euros (about $298.6 million) in the fourth quarter from 191.9 million euros ($264.79 million) in the fourth quarter 2009.
Service revenue jumped 8.2 percent to 186.9 million euros ($257.9 million) when compared to the fourth quarter 2009, primarily due to foreign currency fluctuations. The company did not break out operating income for GTECH in its earnings release.
Lottomatica Group said its fourth quarter net loss widened by nearly 30 percent to 50.6 million euros ($69.82 million) from a loss of 39.0 million euros ($53.8 million) the same quarter a year earlier.
For the full year, the Italian group said its net income was 500,000 euros ($689,937), dropping 99.3 percent from 68.1 million euros ($94 million) as seen for 2009.
GTECH saw full-year revenue grow to 842.1 million euros ($1.2 billion) from 783.1 million euros ($1.1 billion) in 2009.
GTECH’s G2, the e-commerce solutions unit formed in 2009, had revenue of 74.5 million euros ($102.8 million) for 2010 as compared to 71.1 million euros ($98.1 million) in 2009; its fourth quarter contributions were 20.7 million euros ($28.6 million), up 10.1 percent from the same quarter a year earlier.
All currency calculations were made at www.xe.com on Thursday around 2:30 p.m.