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Q2 RECORD REVENUES FOR CHARTWELL
Chartwell Technology, the Canadian Internet gambling software provider has reported revenue growth of 26 percent in Q2:2008, with US$7 million in revenues setting a new company record.
The company announced its unaudited financial results for the three and six months ended April 30, 2008.
Q2 highlights included:
* Corporate revenue record for a quarter at $7.0 million, a 26 percent increase from the second quarter in 2007 and an 21 percent increase from Q1:2008.
* Net income of $1.1 million compared to $0.1 million in the second quarter of 2007.
* Cash flow from operations, before working capital adjustments, of $2.0 million as compared to $0.8 million in the second quarter in 2007 - a 143 percent increase
* EBITDA of $2.2 million as compared to $0.6 million in the second quarter of 2007, a 237 percent increase
Three months ended April 30, 2008
Revenue for the second quarter 2008 was $7.0 million (Q2:2008 - $5.6 million). The year over year increase of 26 percent was from consistent growth in casino license fees of 15 percent and an 88 percent increase in poker license fee revenue. In addition to the increased license fees, Chartwell now includes revenue from Elite Club Management N.V. (ECM), the acquisition of which was completed early in the quarter.
The total software development and support, sales and marketing and general and administrative expenses combined were comparable to the same period in 2007, despite the additional staff and overhead costs associated with ECM. Net earnings for the second quarter were $1.1 million. Company spokesmen claimed that the substantial increases in EBITDA and cash flow from operations demonstrates the strong earning power from established operations while Chartwell continues to invest in new products and services to meet demand.
Software development and support expenses were $2.8 million and $5.1 million in the three and six months ending April 30, 2008 respectively, compared to $2.4 million and $4.8 million for the same period of fiscal 2007.
For the three and six months ended April 30, 2008, sales and marketing expenses decreased by 16 percent and 18 percent to $600 000 and $1.3 million from $700 000 and $1.6 million in the same periods of 2007.
"The second quarter was an excellent one for Chartwell" said Alan Richter, CFO of Chartwell. "We've added licensees, deployed 13 new casino games and completed development on four more. We have made additional investments in the services we provide to our customers, and we are accomplishing all of this while controlling our expenses and thereby improving all of our key financial metrics."
Chartwell continued to maintain a strong balance sheet through positive cash flow and maintaining positive working capital. At April 30, 2008 the Company had $18.8 million of cash and short-term investments compared to $15.1 million at October 31, 2007.
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.
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