RENO — Shares of International Game Technology hit a 52-week low Wednesday, the same day the company said job cuts will cost up to $21 million in one-time charges during the first quarter of the fiscal year.
“The company will incur nonrecurring cash charges related to the work force reduction for severance and other one-time termination costs,” IGT said in a filing with the Securities and Exchange Commission.
The expense of those buyouts will range from $16 million to $21 million for the quarter ending Dec. 30, the company said.
Officials said the company’s goal is to reduce quarterly operating costs by $20 million to $25 million.
Shares on Wednesday dropped to a new 52-week low of $8.58 before rebounding slightly to close at $8.69, down $1.35, or 13.45 percent. The previous low was $9.67 per share in the past year. Stocks have traded as high as $49.41 per share during that time.
Reno-based IGT is the world’s largest maker of slot machines and casino management systems.