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November 8, 2007

GTECH's parent brought in $1.8B, up from $831M

PROVIDENCE -- Lottomatica SpA, the parent company of Providence-based GTECH Holdings Corp., brought in $1.8 billion in the first nine months of the year, compared to $831 million in the same period last year, the company announced today.

The acquisition of GTECH last August is primarily responsible for that growth. In the first three quarters of 2006, Lottomatica was credited with GTECH's revenue for only one month.

But company revenue has been slowing since January. Lottomatica brought in $567 million in the third quarter of the year, down from $578 million in the previous quarter and $590 million in January, February and March.

In response, GTECH has been trying to cut personnel costs. Last week, it fired 47 of its Rhode Island employees.

This morning, W. Bruce Turner, the Providence-based chief executive officer of GTECH Holdings Corp. and its parent company, Lottomatica SpA, announced he was resigning his post.

Turner announced his resignation this morning in a conference call from Rome. He will leave GTECH on Jan. 1, 2008. He is being replaced by the chairman of Lottomatica, Lorenzo Pellicioli.

Lottomatica bought GTECH in August 2006 for $4.8 billion.

-- Journal staff writer Benjamin N. Gedan

Posted by Mike McKinney  at 6:51 PM | Permalink

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