UPDATE 2-Slot-machine maker IGT profit falls 44 pct

* Net profit of 13 cents per share

* Shares up 0.6 percent (Adds analyst comment, byline, updates share price)

By Deena Beasley

LOS ANGELES, April 23 (Reuters) - Slot-machine maker International Game Technology (IGT.N: Quote, Profile, Research) posted a 44 percent drop in quarterly profit on Thursday as the recession continued to hurt its casino customers, but IGT said the bottom of the cycle may have been reached in some regions and shares fell just 1 percent.

"Our second quarter saw continued difficult economic conditions worldwide impacting our financial results, but in a number of jurisdictions we are beginning to see stability in play levels," Chief Executive Patti Hart said in a statement.

Hart said IGT now expects to earn between 75 cents and 85 cents a share this year, down from its previous forecast of $1.00 or higher.

For its fiscal second quarter that ended March 31, net income fell to $38.3 million, or 13 cents a share, from $68.4 million, or 22 cents a share, a year earlier.

The results fell significantly short of the average analyst estimate of 22 cents a share, according to Reuters Estimates.

"The quarter was horrible and the earnings guidance was dramatically lower," said Robert LaFleur, an analyst at Susquehanna Financial.