(RTTNews) - Thursday, maker of slot machines International Game Technology (IGT: News ) reported a loss in its fourth quarter, hurt primarily by non-cash charges. The company witnessed a decline in revenues, reflecting the on-going effects of difficult global economic conditions that have impacted both gaming operators and casino patrons.

International Game Technology is a designer and manufacturer of slot machines. The company produces video gaming, player tracking, accounting systems, video gaming terminals for state-run lotteries and accompanying monitoring systems and progressive jackpot slot-machine networks. The company also provides internet gaming services in jurisdictions where online gaming is legal.

The Reno, Nevada-based company reported a net loss for the fourth quarter of $21.3 million or $0.07 per share, compared to net income of $52.1 million or $0.18 per share in the year-ago quarter.

On average, eighteen analysts polled by Thomson Reuters expected the company to earn $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the most recent quarter included non-cash charges of $0.26 per share and restructuring expense of $0.01 per share, while the year-ago quarter included non-cash investment write-downs of $0.10 per share.

On October 14, IGT said it expects to incur non-cash charges of about $77 million, net of tax, or about $0.26 per share for the fourth quarter, reflecting a reduction in the carrying value of IGT's investment in Walker Digital Gaming, Inc.
The anticipated fourth-quarter charges also included an expected non-cash charge related to IGT's investment in Las Vegas Gaming International and additional tax provisions related to the establishment of a valuation allowance against foreign deferred tax assets which will not likely be realized.

Total revenues for the quarter decreased to $514.6 million from $632.2 million in the prior-year quarter. Fifteen analysts had a revenue consensus of $497.89 million for the fourth quarter.

Revenues for North America declined 31% from last year, largely driven by fewer new openings and replacement sales, while overseas revenues decreased 11%, as international markets continue to feel the effects of the economic slowdown, most notably in Continental Europe, Japan and South America, and unfavorable changes in currency exchange rates.

Commenting on the results, the company's chief executive officer, Patti Hart said, "Our fiscal 2009 results reflect a challenging operating environment which we believe stabilized during our fiscal third and fourth quarters. While we remain cautious on the timing and extent of the replacement cycle, we have been encouraged by modest upticks in spending by many of our casino operator customers over the past two quarters."

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