After leading slot manufacturer International Game Technology turned in a performance for the past year logging a 15 percent year-on-year decline in revenues to 6.5 million, CEO Patti Hart said the flat results in operating income—3.2 million—were offset by a net income increase of 12%, from .5 million to .9 million.
Hart said improvements in operating margins were thanks to its social game business, DoubleDown Casino. DoubleDown revenues increased 22 percent in the fourth quarter to $75 million. The average player spent 46 cents per day on the website, an increase of 15 percent.
“Our focus on profitability resulted in significant improvements in our gross margins for the year, and in our gross and operating margins for the fourth quarter, in large part due to cost saving actions we took earlier this year,” Hart said.
“While we continue to see muted demand in our core business, our DoubleDown Casino business drove 28 percent revenue growth for the full year while maintaining industry-leading player monetization rates and growing daily active users.”
