GTECH Holdings Corporation Conducts Annual Meeting
August 02 2004 - 5:50PM
PR Newswire (US)
GTECH Holdings Corporation Conducts Annual Meeting Board Members
Re-Elected; Employee Stock Purchase Plan Approved; Number of
Authorized Shares of Common Stock Increased; Appointment of
Auditors Ratified WEST GREENWICH, R.I., Aug. 2
/PRNewswire-FirstCall/ -- GTECH Holdings Corporation (NYSE:GTK)
held its Annual Shareholders Meeting today at which three members
of its Board of Directors were re-elected; the Company's Employee
Stock Purchase Plan was approved; the Company's authorized shares
of common stock increased; and the Company's independent certified
public accountants were ratified as auditors. Re-Election of Board
of Directors Ms. Christine M. Cournoyer, Mr. Robert M. Dewey, Jr.,
and Mr. Philip R. Lochner, Jr. were re-elected to the Board of
Directors for three-year terms. As directors of GTECH, Ms.
Cournoyer has served since 2003, Mr. Dewey since 1995, and Mr.
Lochner since 2001. Approval of 2004 Employee Stock Purchase Plan
GTECH shareholders approved the Company's 2004 Employee Stock
Purchase Plan, which authorizes the issuance of up to 650,000
shares of common stock, or 1.3 million shares on a post-split
basis, adjusted to reflect a 2-for-1 stock split which took effect
on July 30, 2004. The plan is designed to provide a convenient
method for employees to purchase equity in the Company. Ownership
of common stock by employees serves to more closely align the
interests of employees with those of shareholders in having the
Company prosper and the common stock value increase. Number of
Authorized Shares of Common Stock Increased GTECH shareholders
approved the amendment to the Certificate of Incorporation to
increase the number of shares of common stock authorized for
issuance from 150 million to 200 million. The Company has no
immediate plans to use its shares as currency for any specific
acquisition, however, it provides the needed flexibility should the
opportunity arise. Ratification of Appointment of Auditors GTECH
shareholders also ratified the selection of Ernst & Young LLP,
independent certified public accountants, as auditors for GTECH for
its current fiscal year which ends on February 26, 2005. "By the
numbers, fiscal 2004 was a year of milestones for GTECH. We set new
records for revenues, gross profit margins, earnings per share, and
cash from operations," said GTECH President and CEO W. Bruce
Turner. "Fiscal 2004 also marked the successful culmination of our
repositioning efforts of the past four to five years. While our
lottery business still accounts for the largest percentage of our
revenues, and will for the foreseeable future, GTECH is now a
growing global provider of transaction processing solutions for
three vertical markets: lottery, gaming, and commercial services."
Commenting on the state of the Company, GTECH Chairman of the Board
Robert M. Dewey, Jr. said, "Over the course of my nine years on the
Board, and especially the past four years, I have seen GTECH
successfully transform itself strategically, fiscally,
operationally, technically, and even culturally. GTECH has
succeeded because, over time, the Company developed a focused,
achievable strategy, strong fiscal discipline, and a competent and
committed management team, with a hard-working team of employees
executing the strategy," continued Mr. Dewey. "There is no doubt in
my mind that GTECH will succeed in achieving its future goals and
objectives." Certain statements contained in this press release are
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. The Company identifies forward looking statements by
words such as "may," "will," "should," "could," "expect," "plan,"
"anticipate," "intend," "believe," "estimate," "continue," or
similar words that refer to the future. Such statements include,
without limitation, statements relating to the prospects and
financial outlook for the Company, which reflect management
assumptions regarding: (i) the future prospects for and stability
of the lottery industry and other businesses in which the Company
is engaged or expects to be engaged, (ii) the future operating and
financial performance of the Company (including, without
limitation, expected future growth in revenues, profit margins and
earnings per share), and (iii) the ability of the Company to retain
existing business and to obtain and retain new business. Such
forward looking statements reflect management's assessment based on
information currently available, but are not guarantees and are
subject to risks and uncertainties that could cause actual results
to differ materially from those contemplated in the forward looking
statements. These risks and uncertainties include, but are not
limited to, those set forth above, in the Company's subsequent
press releases and on reports by the Company on Forms 10-K, 10-Q
and 8-K, and other reports and filings with the Securities and
Exchange Commission, as well as risks and uncertainties respecting:
(i) the potential impact of extensive and evolving government
regulations upon the Company's business; (ii) the ability of the
Company to continue to retain and extend its existing contracts and
win new contracts; (iii) the possibility of slower than expected
growth or declines in sales of lottery and gaming goods and
services by the Company or the Company's customers; (iv) exposure
to foreign currency fluctuations; (v) risks and uncertainties
inherent in doing business in foreign jurisdictions; (vi) the
relatively large percentage of the Company's revenues attributable
to a relatively small number of the Company's customers; (vii) the
possibility of significant fluctuation of quarterly operating
results; (viii) the intensity of competition in the lottery and
gaming industries; (ix) the possibility of substantial penalties
under and/or termination of the Company's contracts; (x) the
ability of the Company to respond to technological change and to
satisfy the future technological demands of its customers; (xi)
opposition to expansion of lottery and gaming; (xii) the Company's
ability to attract and retain key employees; and (xiii) the
possibility of adverse determinations in pending legal proceedings.
GTECH, a leading global information technology company with over $1
billion in revenues and more than 5,500 people in 45 countries,
provides software, networks, and professional services that power
high-performance, transaction processing solutions. The Company's
core market is the lottery industry, with a growing presence in
commercial gaming technology and financial services transaction
processing. For more information about the Company, please visit
GTECH's website at http://www.gtech.com/. Contact: Robert K.
Vincent Public Affairs GTECH Corporation 401-392-7452 DATASOURCE:
GTECH CONTACT: Robert K. Vincent, Public Affairs of GTECH
Corporation, +1-401- 392-7452 Web site: http://www.gtech.com/
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