44 percent drop in income for IGT

RENO (AP) " International Game Technology said second-quarter earnings plunged 44 percent because of restructuring costs and the overall economic recession, prompting company executives Thursday to lower per-share earnings guidance for the fiscal year.

For the three-month period ended March 31, the Reno-based maker of slot machines and casino management systems said net income fell to $38.3 million, or 13 cents per share, from $68.4 million, or 22 cents per share in the same quarter in 2008.

Revenue dropped to $475.7 million from $573.2 million.

The results fell way short of Wall Street expectations, where analysts surveyed by Thomson Reuters projected earnings of 22 cents per share on revenue of $532 million.

The company attributed about $8 million of the loss, or 2 cents per share, to restructuring related to work force reductions.

In a conference call with analysts, IGT chief executive Patti Hart lowered the company's annual earnings guidance to 75 cents to 85 cents per share, down from about $1, for the fiscal year that ends Sept. 30.

IGT shares closed Thursday at $11.30, up 12 cents or about 1 percent.

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