PROVIDENCE – International Game Technology PLC reported a loss of $197 million in the first quarter, or $1.21 per diluted share, due largely to COVID-19-related closures, the company said on Monday.
One year prior, the company posted a profit of $178 million, or a gain of 20 cents per diluted share.
Revenue for the first quarter was $940 million, a 18% decline year over year.
The company said the COVID-19 closures included casinos and gaming halls, which curbed gaming service revenue and led to fewer unit shipments in North America.
“After a solid start in the first two months of the year, we quickly shifted our focus to the global COVID-19 health crisis in March,” said Marco Sala, CEO of IGT. “The safety and well-being of our people, customers, and communities have been our highest priority since day one. We implemented robust business-continuity plans and maintain service levels at our normal, high standards. I am grateful for the passion and perseverance the entire IGT team has demonstrated during these unprecedented times and I am confident IGT is well- positioned to emerge from the crisis a stronger, even more competitive organization.”
The company’s North America Gaming and Interactive segment had operating revenue of $27 million for the quarter, a decline from $49 million one year prior. Revenue was $191 million in the first quarter, a 20% decline year over year.
In April, the company announced that it would be furloughing part of its North American operations for an expected eight weeks starting April 6, impacting 320 employees in Rhode Island.
Other steps included cost-saving measures such as base-salary reductions for senior leaders.
Chief Financial Officer Max Chiara said that the company has withdrawn its previous outlook for 2020 and moved to cut nonessential costs. It is now are focusing on structural cost- savings initiatives.
