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INTERNATIONAL GAME TECHNOLOGY REPORTS 74 PERCENT INCREASE IN OPERATING PROFITS FOR THE FIRST QUARTER ENDED DEC. 31, 1992

 RENO, Nev., Jan. 21 /PRNewswire/ -- International Game Technology (NYSE: IGT) reported strong gains in revenues, operating profits, net income and earnings per share for the first fiscal quarter ended Dec. 31, 1992.
 Net income for the quarter was $35.5 million or 54 cents per fully diluted share, and included a net gain of $14.0 million related to the sale of the company's investment in riverboat gaming operations in Iowa and Missouri. Net income before the Riverboat gain was $21.5 million or 33 cents per fully diluted share as compared to $10.5 million or 18 cents per share in the prior year. Net income and earnings per share in the first quarter before the gain on riverboat investments increased 105 percent and 83 percent, respectively. In addition to the gain on the Riverboat sale, net income for the quarter was positively impacted by net gains of approximately $3.6 million related to the sale of certain securities held in the company's investment portfolio.
 Revenues for the quarter at $96 million grew 30 percent over the prior year's revenue of $73.6 million. The improvement in revenue is due to growth in both product sales and gaming operations. The gains in product sales resulted primarily from additional machine sales to Nevada casinos, Native American casinos and because of greater sales to clubs in Queensland, Australia. Revenues from gaming operations increased due to improvements in progressive systems and because of video gaming systems revenue that did not exist a year ago.
 Operating expenses grew 16 percent over the prior year due primarily to increases in depreciation on leased machines in new jurisdictions, and because of higher research and development costs related to added personnel. The company realized operating income of $26 million or 27 percent of revenue compared to $15 million and 20 percent in the prior year.
 The company's riverboat investments consisted of a 40 percent partnership interest in The President Riverboat Casino in Davenport, Iowa and a 45 percent partnership interest in non-gaming riverboat operations in St. Louis, Mo. The partnership interests were exchanged for common stock in President Riverboat Casinos Inc. and all of the stock was sold in an initial public offering of that company in December 1992. The company received $29 million in gross proceeds for its equity interest in the riverboat investments. This transaction is a significant step in the company's goal of exiting the direct ownership of casino gaming operations.
 IGT is the world's leading designer and manufacturer of gaming machines and related software in all jurisdictions where gaming is legal, and recently received the President's "E" Award for excellence in exporting of products from the United States.
 INTERNATIONAL GAME TECHNOLOGY
 FINANCIAL HIGHLIGHTS
 (In Thousands Except Per Share Amounts)
 THREE MONTHS
 ENDED DECEMBER
 1992 1991
 Revenues
 Product Sales $55,048 $41,767
 Gaming and Casino Operations 40,965 31,877
 Total Revenues $96,013 $73,644
 Income From Operations $25,990 $14,916
 Net Income Before Gain on Sale
 of Riverboat Investments $21,536 $10,522
 Net Income $35,549 $10,522
 Primary Earnings Per Share
 Net Income Before Gain On Sale
 of Riverboat Investments $0.35 $0.18
 Net Income $0.58 $0.18
 Fully Diluted Earnings Per Share
 $0.54 $0.18
 Weighted Average Common and
 Common Equivalent Shares Outstanding 61,478 59,232
 Weighted Average Common Shares
 Assuming Full Dilution 68,945 66,929
 -0- 1/21/93
 /CONTACT: G. Thomas Baker of International Game Technology, 702-688-0110/
 (IGT)


CO: International Game Technology ST: Nevada IN: SU: ERN

RK-SG -- SF001 -- 7218 01/21/93 08:21 EST
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Date:Jan 21, 1993
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