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GTECH TOPS $500 MILLION FOR FISCAL YEAR; COMPANY REPORTS FOURTH-QUARTER AND YEAR-END OPERATING RESULTS

 WEST GREENWICH, R.I., April 20 /PRNewswire/ -- GTECH (NYSE: GTK) today reported that revenues for the fiscal year ended Feb. 27, 1993, were $501.4 million. This represents an increase of $151.3 million, or 43.2 percent, over revenues of $350.1 million for fiscal 1992.
 Net income for the year, before an extraordinary charge related to the early retirement of debt and a credit from a change in accounting for income taxes, was $37.8 million, or 92 cents per share, compared with $13.9 million, or 38 cents per share for fiscal 1992. Comparisons on a pro forma basis, assuming the company's initial public offering and pay-down of debt had occurred immediately prior to the beginning of fiscal 1993 and 1992 respectively, show net income of $44.4 million, a 63.7 percent increase over net income of $27.1 million for fiscal 1992. Pro forma earnings per share for fiscal 1993 were $1.02 compared with 64 cents for fiscal 1992.
 Revenues for the fourth quarter of fiscal year 1993 were $138.1 million, which represents a $33.9 million, or 32.5 percent increase over revenues of $104.2 million for the fourth quarter of fiscal 1992.
 For the quarter, net income was $8.2 million, or 19 cents per share, compared with $2.2 million, or 6 cents per share, for the fourth quarter of fiscal 1992. Pro forma net income, reflecting the company's initial public offering and pay-down of debt, was $8.2 million, a 48.0 percent increase over net income of $5.6 million for the fourth quarter of fiscal 1992. Pro forma earnings per share for the same periods were 19 cents and 13 cents respectively.
 In commenting on the results, GTECH Chairman and CEO, Guy B. Snowden, said, "During the past year GTECH has met the changing demands of the lottery industry by providing an expanded scope of products and services, such as Club Keno(tm) and our Instant Ticket Support Systems, to new and existing customers. The increase in GTECH's fiscal year 1993 service revenues is evidence of this we begin to realize revenues from newly operational customers and continue to pursue business opportunities in emerging and expanding markets worldwide," Snowden continued.
 GTECH Corporation designs, produces, implements, operates and services computerized networks for government-sponsored or licensed lotteries on five continents. In addition, GTECH Corporation provides a wide variety of instant ticket support services. GTECH currently supplies and/or operates lottery systems for 25 U.S. customers and 34 jurisdictions outside of the United States.
 GTECH Corporation employs approximately 1,000 people in Rhode Island and more than 3,100 worldwide.
 GTECH HOLDINGS CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended-(a) Fiscal Year Ended-(a)
 2/27/93 2/29/92 2/27/93 2/29/92
 Revenues:
 Services 96.7 70.1 343.2 240.0
 Product sales 41.4 34.1 158.2 110.1
 Total 138.1 104.2 501.4 350.1
 Costs and expenses:
 Costs of services 67.8 44.2 230.8 152.6
 Cost of sales 24.2 23.2 85.8 60.8
 Total 92.0 67.4 316.6 213.4
 Gross profit 46.1 36.8 184.8 136.7
 Income before
 extraordinary
 charge and
 cumulative effect
 of accounting change 8.2 2.2 37.8 13.9
 Net income 8.2 2.2 21.7 13.9
 Pro forma net income 8.2 5.6 44.4 27.1
 Pro forma earnings
 per share 19 cents 13 cents 1.02 64 cents
 ----
 NOTE: (a) Dollars in millions except per share amounts
 -0- 4/20/93
 /CONTACT: Craig Watson of GTECH, 401-392-1000/
 (GTK)


CO: GTECH Corporation ST: Rhode Island IN: LEI SU: ERN

CH -- NE004 -- 7818 04/20/93 09:05 EDT
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Date:Apr 20, 1993
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