Scientific Games narrows loss in 4th quarter; revenue misses analyst estimatesBy AP
Monday, March 1, 2010
Scientific Games narrows 4th-quarter loss
NEW YORK — Scientific Games Corp. on Monday said that it narrowed its loss in the fourth quarter, but revenue missed analyst expectations.
The company, which provides equipment for the lottery and gaming industries, lost $50.1 million, or 54 cents per share, compared with a loss of $69.1 million, or 75 cents per share, in the same period a year ago.
Scientific Games said one-time accounting charges reduced its results by $45.2 million in the most recent quarter.
Analysts polled by Thomson Reuters expected profit of 19 cents per share, but analysts typically exclude one-time items from their estimates.
Revenue slipped 12 percent to $232.9 million from $263.9 million, while analysts expected $245 million.
“Looking ahead, we are beginning to see some signs of improving retail sales trends in our core businesses, although we remain cautious in light of the difficult economic environment,” CEO Michael R. Chambrello said in a statement.
The company’s full-year loss was $39.9 million, or 43 cents per share, compared with a loss of $4.5 million, or 5 cents per share, the year before. Sales fell to $927.7 million from $1.12 billion.
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