Scientific Games reports first quarter loss of $6.9m

NEW YORK – World leading scratch card and instant game producer Scientific Games Corporation surprised many industry experts on Tuesday with the announcement that it made of loss of $6.9m during the first quarter of 2011.

The company, which also sells its services to lotteries across the world, lost 8 cents per share, for the three months ended March 31. That compares unfavourably with last years figures, where the company made $4.9m profit (5 cents per share).

Revenue slipped to $196.7 million, down from $216.3 million a year ago, when results included revenue from the racing business, which it sold recently.

Scientific Games’ first quarter results were surprising to many analysts who had forecast a profit of 2 cents a share on $201.4 million in revenue.

Following the announcement, shares in Scientific Games tumbled $1.04 to $9.50 in aftermarket trading. The shares ended the regular session up 23 cents to $10.54.

source – MSNBC