Gtech (NYSE:GTK)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Gtech Charts. Click Here for more Gtech Charts.](/p.php?pid=staticchart&s=NY%5EGTK&p=8&t=15)
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/