Chartwell Revenues Rise 15 Percent
By Staff
Canadian online software solutions supplier Chartwell Technology Incorporated has released its financial results for the previous three months showing a 15 percent rise in total revenues to $5.68 million.

The Calgary-based firm also revealed that continued strong organic casino and poker license fee growth contributed to its total revenues growing by 16.5 percent for its third quarter over the same period last year. In addition, pre-tax earnings rose by 18 percent to $1.21 million for the quarter compared to $1.02 million for the same period in 2007.

The firm announced that it had released four new games over its third quarter, bringing the total for the year to 17, while cashflow from operations before working capital and restricted cash adjustments rose by 32.6 percent to $1.21 million from $931,087 for the same period in 2007.

Chartwell revealed that it had also obtained remote and non-remote operating licenses for Great Britain and will soon announce its first UK-licensed operator.

“Chartwell’s cashflow from operations for the first three quarters of 2008 of $7.72 million as compared to $3.53 million for the same period in 2007 shows the real strength of our business,” said Alan Richter, Chief Financial Officer for Chartwell.

“This cashflow will allow the company to invest in broadening our product base, improving the services we offer and to continue with our share repurchase programme. In particular, we are very excited about the games that we have in the pipeline and believe they will set the standard for online casino slot games.”

Chartwell also reported a strong balance sheet with $20.19 million of cash and short-term investments compared to $15.05 million at the end of October of 2007.

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