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CHARTWELL TECHNOLOGY REPORTS LOSSES IN FINANCIAL RESULTS
Posted 1/29/11 : Loss of a significant licensee and fiscal values cited as reasons for declines
Canadian online gaming provider, Chartwell Technology has announced its audited financial results for the year ended October 31 2010.
For the three months ended October 31, 2010, the firm's revenue in its fourth quarter was CAD$2.4 million compared to CAD$3.5 million for the same period a year earlier. The decline is attributed to the loss of a significant licensee late in the fourth quarter of 2010 and the strength of the Canadian Dollar as it compared to the firm's billing currencies of EUR and GBP.
Following the closure of PokerNexus late in fiscal 2009, Poker community licensing and services operations were reported as discontinued operations.
For the year ending October 31 2010, total revenue decreased 23 percent to CAD$12.1 million (2009: CAD$15.6 million). A decrease in the value of the EUR and GBP against the Canadian Dollar accounted for approximately half of the decline in revenue while the loss of a significant licensee late in the fourth quarter and a reduction in revenue from another accounted for the other half.
The net loss from continuing operations prior to the impairment of goodwill that was recorded in the third quarter of 2010 and before income taxes was CAD$4.0 million as compared to a loss from continued operations of CAD$868,000 in the prior year.
Total net loss (including a large write-down of goodwill largely associated with the discontinued poker operations) was CAD$7.1 million in 2010 (2009: CAD$2.7 million).
Highlights for the year ending October 31 2010 included:
The Chartwell Games Platform (CGP) was completed in the prior year leading to an improvement in the firm's ability to distribute its proprietary and third-party games content to a wider audience.
Release of twenty new table and slot games, combining proven performing games such as The Book of Ra™ and Columbus™ from Novomatic, as well as Texas Hold'em Bonus™ and Caribbean Stud Poker™.
From Chartwell's own development studios releases included branded Paramount slots The Italian Job™ and Sleepy Hollow™, Multiplayer Blackjack and Baccarat and several new slots including Sinful Spins™ and Bars and Bells™, the latter game featuring the Streak Breaker™ feature.
Late in the fiscal year, Chartwell became the exclusive European distributor of HoGaming's Live Dealer product. The Live Dealer product provides a suite of traditional casino games with a unique Live Dealer video feed.
Chartwell broadened its Casino game suite, and delivered some of the industries most exciting and innovative content, combined with major software enhancements to allow for faster and more seamless delivery in a more cost efficient manner.
Chartwell renewed license agreements with Victor Chandler, Stan James, Mybet and Doxxbet.
Chartwell added new licensees, Globet, Centrebet and Rank Interactive.
Alan Richter, CFO of Chartwell commented on the fiscal 2010 results, saying: "The breadth and depth of the products that we have released throughout the year, combined with the numerous new clients we've recently signed give us confidence that we have a strong base with which to build on, and return our results to profitable growth. Our investment in systems and products during the past year has us positioned to add revenue and decrease our operating costs in 2011."
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