January 22, 2010 / 12:31 AM / 9 years ago

UPDATE 2-IGT quarterly net rises 20 pct, outlook unchanged

* Net fiscal Q1 EPS of 25 cents

* Revenue falls 14 percent

* Fiscal 2010 outlook unchanged at 77-87 cents

* Shares rise 4 percent in after-hours trading

(Adds CEO comment, outlook, updates share price)

LOS ANGELES, Jan 21 (Reuters) - Slot-machine maker International Game Technology (IGT.N) posted a 20 percent rise in quarterly profit on Thursday because of cost cuts and higher sales of replacement slots, sending its shares up 4 percent in after hours trading.

Speaking on a conference call, Chief Executive Patti Hart said she was “cautiously optimistic” about casino budgets and spending plans for 2010, but she left IGT’s earnings outlook for the current fiscal year unchanged at between 77 cents and 87 cents a share.

Analysts, on average, have forecast full-year earnings of 88 cents a share, according to Thomas Reuters I/B/E/S.

For the its fiscal first quarter ending in December, IGT posted net income of $73.3 million, or 25 cents a share, compared with $61.2 million, or 21 cents a share, a year earlier.

IGT, based in Reno, Nevada, said results from prior periods include new accounting standards adopted in the December quarter — affecting items such as interest expense, earnings per share, long-term debt and shareholders’ equity.

Quarterly revenue fell 14 percent to $515.7 million.

IGT shares, which closed at $20.20 on the New York Stock Exchange, were higher at $20.97 after hours. (Reporting by Deena Beasley; editing by Robert MacMillan and Andre Grenon )

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