SHFL Entertainment Q2 2013 Earnings

Thursday June 6,2013 : SHFL REPORTS RECORD SECOND QUARTER REVENUE
 
Expansion of newly developed iGaming division in focus
 
SHFL Entertainment has reported record revenue of $77.4 million in its second quarter, up 17 percent year-over-year.
 
Other key performance indicators for the three month period ending April 30, 2013 include:
 
–   Utility, Electronic Gaming Machine ("EGM"), and Proprietary Table Games ("PTG") businesses all saw double-digit growth over the same period last year.
 
–   Recurring revenue grew 8 percent year-over-year to $31.2 million. A $1.2 million increase in PTG recurring revenue accounted for over half of recurring revenue growth.
 
–   Net income increased 22 percent year-over-year to a record $11.8 million.
          
"Our diverse businesses continue to deliver solid financial results," said Linster Fox, SHFL's Chief Financial Officer.   "We are confident that keeping our IP-rich businesses well-capitalized has been, and will continue to be, our most important use of cash.  However, given our balance sheet's current strong position, we will continue to look at the best way to manage a balance between investing in our business and capital allocation The newly-developed iGaming segment of the business continues to be an investment focus as the firm expands its iGaming team to capitalise on existing and potential online markets.