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I think it does count. I have a site that has only graphic links pointing to it & every one of them has identical alt tags - the alt tag contains the keywords. This site ranks well for those keywords found in the alt text for those links.
Now, after the latest Google update, that same site is ranked 120 or so for the competitive keyword but for a different page that does have the keyword appear on the page. When constraining the Google search for the competitive keyword to that particular site, I found that the page that used to be ranked in the top 20 for all sites isn’t even listed anymore.
It appears that alt text in image links were given noticeable weight before the latest Google update. Now, however, Google doesn’t appear to give too much (if any) weight to alt text in image links this update. However, maybe my example is special since the text does not even appear in the page that the image (with alt text) is linked to.