Scientific Games reported a 4.5% dip in revenue for the first quarter of the year, but a 22% jump in earnings. Net income for the three month period ending March 31 was $5.4 million or 10 cents per share compared with the same period a year ago when net income $4.1 million or a loss of 10 cents per share.
"We are pleased with the significant improvement in EBITDA (earnings before interest, taxes, depreciation, and amortization) for the first quarter which reflects both the continued strengthening of our core businesses and the benefits of cost control measures and reorganizations initiated last year," said Lorne Weil, chairman and chief executive officer for Scientific Games, a lottery company that is the parent of Autotote Systems.
Pari-mutuel revenues for the quarter decreased $7.3 million, a 27.5% drop, compared with the first quarter of 2001. Weil attributed the decrease to one-time equipment sales in 2001, and said recurring revenue and EBITDA for the North American pari-mutuel group actually grew by 6% and 25%, respectively.