Chartwell Sets A Record
By Staff
Calgary-based Chartwell Technology Incorporated has revealed that revenues for its second quarter hit an all-time company high alongside rises in both cash flow and net income.

The Canadian online gaming systems and content provider released its latest financial results this week showing record revenues for a quarter of seven million dollars, which was 26 percent higher than last year’s $5.6 million and a 21 percent increase over the previous period.

In addition, net income of $1.1 million was recorded, which compared to $100,000 for the same period in 2007, with the Alberta firm recording cash flow from operations before working capital adjustments of two million dollars, a 143 percent increase over the $800,000 detailed in same period of last year.

Finally, earnings before tax were reported as $2.2 million, which was a 237 percent increase over the $600,000 the firm recorded for the second quarter of 2007.

“The second quarter was an excellent one for Chartwell,” said Alan Richter, Chief Financial Officer for 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.”

The firm stated that the year-on-year increase in its revenues was due to a 15 percent growth in casino license fees alongside an 88 percent rise in takings from poker license fees. In addition, the firm included revenues from Elite Club Management NV, the acquisition of which was completed early in the quarter.

Software development and support expenses were $2.8 million and $5.1 million in the three and six months ending in April compared to $2.4 million and $4.8 million for the same period of 2007 for an increase of 20 and six percent respectively.

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