Remote gaming software provider Chartwell Technology Incorporated has released its audited financial results for the year up to the end of October showing record total revenues of $19.27 million.
Revenues for the previous financial year were $17.02 million, the Calgary-based firm reported, with these latest figures representing an increase of over 13 percent.
In addition, Chartwell revealed record cash flow from operations of $7.22 million, which was up 77.3 percent from the $4.09 million it reported for the 2007 financial year. Earnings before interest, taxes, depreciation and amortization almost doubled from $2.48 million to $4.81 million while net income was reported at $2.24 million, which was up from the net loss of $67,461 it declared for the prior year.
In the shorter term, the firm revealed that revenues for the year’s fourth quarter came in at $4.09 million, which compared favourably to the $3.93 million it reported for the same period on 2007, mainly due to an increase in service returns. Net income for the fourth quarter was $186,322 as compared to a net loss of $883,513 in 2007 while software development and support expenses increased significantly to $2.16 million from $1.76 million.
Along with record financial results, Chartwell also stated that it had invested in its future by delivering more games and upgrades than at any other time in its history. It deployed eight new casino soft games alongside nine slot titles with a further eight games nearing completion toward the end of 2008.
“The company executed its strategy very well in 2008,” said Alan Richter, Chief Financial Officer for 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.”