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IGT Grows with Change

International Game Technology, the slot machine making powerhouse, is continuing to dominate the market with a quarterly profit that catapulted 94%. The fiscal fourth quarter which came to a close on September 30,showed that IGT had collected a net income of $105.4 million. This is greatly improved from when their shares were pulling in a mere fifteen cents a share just a year before. Now the slot machine manufacturer is tucking away an extra thirty cents per share, and that is counting adjustment for tax and early retirement of debt.

Chief Executive of Internal Gaming Technology, TJ Matthews, was pleased his company could perform so well for all of its shareholders, “We generated record cash flow from operations and returned $520.6 million to shareholders in the form of share repurchases and dividends.” He is quick to point out that when analysts get down to the brass tacks, the key to the companies growing success is the active and consistent rate at which IGT is manufacturing, selling, and installing their high quality slot machines. “No one would want so many if they were poorly made slot machines that weren’t delivered promptly.”

Even with the harsh arrival of Hurricane Katrina which demolition much of the are they held contracts with, IGT succeeded in not falling completely under, though the destruction did negatively effect their operating income at about the tune of $14.9 million. IGT does need to stay focused and aware as this year is proving to be a bit more shaky for the slot machine industry as a whole. Big changes within the major casinos in order to switch from more traditional coin style slot machines to the more technologically advanced slot machines that use a computer based tallying system are giving the slot machine manufactures quite a bit to adapt to in a rather short period of time.