Rochester, NY 7/31/2009 9:54:13 PM
Scientific Games Corp, SGMS - Second Quarter Profit Lower Costs According to First Update
Scientific Games Corp
Scientific Games Corp, SGMS
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Scientific Games Corp a Lottery operator posted a higher-than-expected quarterly profit, helped primarily by better cost-control efforts. The company's shares were trading up 41 cents at $16.62 after the bell. They closed at $16.21 Thursday on Nasdaq.
Scientific Games said gross margins rose to 43 percent in the second quarter from 40 percent a year earlier, driven by local instant ticket production in China, lower but more profitable lottery systems sales and cost savings. Last year, the company reduced capital expenditures and slashed jobs as part of a cost-cutting initiative to improve profitability. It had also announced that its China-related lottery-ticket printing operations would be shifted to that country.
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