A multinational gambling company; International Game Technology, has today reported a 20% increase in global gaming product sales for the entire twelve months of 2019 along with a minor decline in revenue for the fourth quarter of last year.
The firm, better known as IGT and headquartered in London, also reported that its operating revenue had increased by more than ninety-percent with a four percent boost in the fourth quarter compared with the same period in the previous year.
Marco Sala, chief executive officer of IGT commented on the figures:
“We achieved the high end of our profit and cash flow expectations for 2019, led by strong results for our North America Gaming and Italy segments. In the full year, we grew global gaming product sales by more than 20% thanks to higher unit shipments and the success of our new games. Global lottery same-store revenue also rose.”
Sala, who has served on the IGT PLC board of directors and as Chief Executive Officer of IGT PLC since April 2015 elaborated on the data and his company’s expectations for the year ahead:
“We are closely monitoring the impact of the Coronavirus outbreak. Apart from this, solid operational performance across products and regions should support continued momentum in 2020.”
Key highlights from the financial reports included:
- Achieved record global gaming product sales in 2019
- Full-year net loss of $19 million includes $99 million non-cash goodwill impairment charge
- 2019 Adjusted EBITDA of $1.71 billion, in top half of outlook
- Fourth quarter net loss of $168 million reflects non-cash FX losses and impairment charge; Adjusted EBITDA of $436 million driven by higher profits from North America Gaming and International segments
- $1.09 billion in operating cash flow for 2019; free cash flow of $651 million
Interim CFO of IGT Timothy Rishton also shared his views on why the figures were positive for the firm and the eventful year IGT had in 2019:
“2019 marked an important inflection in cash flows for IGT. Having generated $1.1 billion in cash from operations, we invested in the business, paid down debt, and returned capital to shareholders. We enter 2020 in strong financial condition.”