Slot manufacturer International Game Technology reported an increase in profits for the third quarter, despite a decline in revenue.

According to the company, net income for the quarter that ended June 30 was $94.6 million, or 32 cents per share, compared to $62.2 million or 21 cents per share a year ago. Revenues were $489.7 million for the quarter, down by 5.3 percent form the $517.3 million reported for the same period last year.

Company officials say the quarterly profit picture benefited from tax items and restructuring charges. Slot machine shares were off 8 percent from the same period a year ago.

“Despite challenges in the broader marketplace, we continue to manage our business to increasing levels of efficiencies,” said Patti Hart, IGT’s chief executive officer. “Our efforts have resulted in the generation of significant cash flow for reinvestment into the business in areas that create innovative and customer centric products and services.”

By Staff