International Game Technology on Thursday posted a fiscal fourth-quarter loss, but said it thinks demand for its slot machines and casino management systems has stabilized. The company posted a loss of $21.3 million, or 7 cents per share, compared with a profit $52.1 million, or 18 cents per share, in the same quarter last year. Revenue slipped to $514.6 million, from $632.2 million a year ago. Analysts surveyed by Thomson Reuters, who usually exclude one-time items from their estimates, predicted earnings of 17 cents per share on revenue of $497.9 million. For the full fiscal year, profit fell to $149 million, or 51 cents per share, from $342.5 million, or $1.10 per share, in fiscal 2008. Sales fell to $2.11 billion from $2.53 billion a year earlier. "Our fiscal 2009 results reflect a challenging operating environment, which we believe stabilized during our fiscal third and fourth quarters," CEO Patti Hart said in a statement. "While we remain cautious on the timing and extent of the replacement cycle, we have been encouraged by modest upticks in spending by many of our casino operator customers over the past two quarters." The stock lost 4 cents to close at $18.56 in the regular session. |