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Chartwell has a great year
Canadian online gambling software provider Chartwell Technology has announced audited financial results for the year ended October 31, 2008, turning in a solid tenth anniversary year performance that included:
* Record total revenue at $24 million, up from $21.2 million in fiscal year 2007, an increase of 13.2 percent.
* Record cash flow from operations of $9 million, up from $5.1 million in fiscal year 2007, an increase of 77.3 percent.
* EBITDA of $6 million, almost twice the $3.1 million in fiscal year 2007.
* Net income of $2.8 million for fiscal 2008, up from a net loss of $84 000 in the prior year.
* Diluted earnings per share of $0.15 for fiscal 2008.
Chartwell management reported that the company invested in its future by delivering more games and upgrades to its gaming system than at any other time in its history, with:
* Eight new Casino soft games and nine new Casino slot games deployed in the year and a further eight new games nearing completion toward the end of the year in the company’s latest 7.0 software release .
* The development of industry leading responsible gaming features.
* Changes to the underlying architecture of the software to improve scalability, speed and usability.
Chartwell additionally achieved its planned objectives by:
* Receiving both a Remote and Non-Remote Operating License from the UK Gambling Commission.
* Becoming the first software supplier to launch a UK Gambling Commission regulated online casino with Extrabet, a wholly owned subsidiary of IG Group Holdings plc.
* Launching its development of a Bingo community.
“The Company executed its strategy very well in 2008,” commented Alan Richter, CFO of Chartwell. “We have a very focused strategy of getting more content out to our customers as efficiently as possible. Being efficient has meant managing expenses carefully, investing in our people, investing in improving our service delivery capability in Europe, broadening the services we offer, and taking advantage of tax incentives and planning opportunities as available to us.”
Chartwell continued to maintain a strong balance sheet through both growing cash flow and improved working capital. At October 31, 2008 - the end of its financial year - Chartwell had $22.3 million of cash and short term investments, and positive working capital of $23.7 million with no debt.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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