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International Game Technology Withdraws 2020 Profit Outlook - Quick Facts

International Game Technology PLC (IGT) announced the company is withdrawing its previous 2020 outlook due to COVID-19 uncertainty. At March 31, 2020, liquidity totalled $2.2 billion, comprised of $1.5 billion in unrestricted cash and $743 million available under revolving credit facilities.

First quarter adjusted net income per share was $0.08 compared to $0.12, previous year. Adjusted EBITDA was $309 million, down 26%. Consolidated revenue was $940 million, down 18% from prior year.

"We've taken swift actions across all non-essential costs and are now switching our focus to structural cost savings initiatives. At the same time, we have adopted strict measures to preserve liquidity in the current environment," said Max Chiara, CFO of IGT.

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