International Game Technology saw a profit increase of 20 percent in its first fiscal quarter due to aggressive cost-cutting efforts. The company raked in $73.3 million this quarter, compared to $61.2 million in the same period last year.

IGT's revenue declined this quarter due to weak slot machine sales, from $601.6 million last year to $515.7 million this year, but the company cut its costs by 25 percent, and those efforts paid off with profit.

"The work is never done and you can count on us to remain focused," IGT CFO Pat Cavanaugh recently told analysts. "The revenue number is not something we are overly proud of."

Domestic shipments dropped in the first quarter, but the company made up for it with increased international business.

"Our first quarter results reflect measured progress in numerous aspects of our business, despite continued challenges in the broader marketplace," IGT CEO Patti Hart said in the company's earnings report. "During the first quarter, historically the slowest of the year, we shipped more North American replacement units than the prior year quarter . . . and achieved our highest operating margin in six quarters."

IGT recently scored big with the installment of server-based slots at CityCenter's Aria, which opened last month.

"We're getting good feedback from the Aria folks," Hart told analysts.

By Staff