LAS VEGAS, Nevada -- (PRESS RELEASE) -- International Game Technology (IGT) is taking actions to re-align its cost structure for long-term earnings growth.
In order to responsibly address the challenges facing the gaming industry and their related impact on IGT, the Company is enacting cost-cutting measures including the reduction of its global workforce by 7 percent to realize expected cost savings of $30 million in the current fiscal year and an estimated $50 million on an annual run-rate basis.
The Company is lowering its fiscal year 2014 guidance for adjusted earnings per share from continuing operations from $1.28 to $1.38 to $1.00 to $1.10. The Company is also providing guidance for adjusted earnings per share from continuing operations of $0.17 to $0.19 for the second fiscal quarter of 2014.
"As we reach the halfway point in our fiscal year, you can see this is a challenging time for the industry and IGT. We knew that our success in 2013 would be difficult to replicate. However, we did not expect such a sharp decline in North American gross gaming revenues, or further degradation in the international currency, compliance, and importation environment," said Patti Hart, IGT CEO.
In addition to the actions mentioned above, IGT is taking a number of decisive actions to position for long-term earnings growth:
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