Remove unused variable initialization

function node_type_save($info) {
  $is_existing = FALSE;
  $existing_type = !empty($info->old_type) ? $info->old_type : $info->type;
  $is_existing = (bool) db_query_range('SELECT 1 FROM {node_type} WHERE type = :type', 0, 1, array(':type' => $existing_type))->fetchField();
  $type = node_type_set_defaults($info);

Note $is_existing is initialized to FALSE and then set to the result of db_query_range().