GTECH Board of Directors Authorizes Repurchase of Up to $100 Million of the Company's Common Stock
May 14 2004 - 8:00AM
PR Newswire (US)
GTECH Board of Directors Authorizes Repurchase of Up to $100
Million of the Company's Common Stock WEST GREENWICH, R.I., May 14
/PRNewswire-FirstCall/ -- GTECH Holdings Corporation today
announced that its Board of Directors has authorized the Company to
begin repurchasing up to an aggregate of $100 million of its
outstanding Common Stock through February 26, 2005. It is
contemplated that repurchases will be accomplished through periodic
purchases on the open market. The extent to which the Company
actually repurchases its shares and the timing of such purchases
will depend upon market conditions and other corporate
considerations. 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. 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
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 Holdings
Corporation CONTACT: Robert K. Vincent, Public Affairs of GTECH
Corporation, +1-401-392-7452 Web site: http://www.gtech.com/
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