|Calgary, Canada September 10, 2002, Chartwell Technology Inc. (TSX-VEN: CWH)|
a leading provider of gaming and information systems for companies engaged
in the Internet gaming industry, announces financial results for the third
quarter and the nine months ended July 31, 2002.
Total revenue for the third quarter of 2002 increased 20% to $1,117,939
compared to $928,663 in the same period of 2001. For the nine months ended
July 31 2002, the Company's total revenues increased 21% to $2,391,092
compared to $1,973,018 for the corresponding period of the previous year.
'Consistent with our business strategy, during the quarter the company has
continued to focus on attracting established gaming clients, primarily in
Europe', states Darold H. Parken, President and CEO of Chartwell. ' Steady
growth in our market share and the recurring revenue component of our total
revenue has resulted in an average 30% quarter on quarter revenue growth
since entering the software development business. Our objective is to
continue this trend.'
Expenses for the third quarter were $1,131,736 compared to $926,911 for the
corresponding period of the previous year. Expenses decreased $302,298 from
the previous quarter. For the nine months ended July 31 2002 expenses were
$3,749,959 compared to $2,833,266 in the corresponding period in the
previous year. This increase is reflected in the continued development of
our industry-leading choice of gaming options including casino, bingo and
poker room games, now available in download, in-browser and wireless options
giving an unprecedented level of access flexibility while using a wide range
of currencies and languages. Consistent with our proactive expansion into
new regulated markets, the Company has increased its compliance expenditures
for its certification in these regulated markets.
The loss for the quarter was $13,797 or $0.00 per share compared to $568,224
or $0.04 per share in the previous quarter. Working capital at the end of
the quarter was $6,159,960.
'We are seeing continued growth in Europe with the opportunity to break into
new verticals', states Darold H. Parken, 'Poker, Bingo, and Wireless gaming
are all new opportunities for revenue growth, both within our existing
client base and with new licensees'. 'Our unique business model along with
our dedication to software development and un-paralleled customer support
enables our existing and future clients in Europe and other regulated
markets to depend upon us as a truly independent technology partner with no
potential conflict of interest'.
About Chartwell Technology Inc. Chartwell Technology Inc. specializes in the
development of leading edge custom gaming applications and entertainment
content for the Internet and wireless platforms. Chartwell's Java and Flash
based software products and games are designed for deployment in gaming,
entertainment, advertising and promotional applications. Chartwell does not
participate in the online gaming business of its clients. Chartwell's team
of highly trained professionals is committed to delivering the highest
quality software to fully empower its clients and to maintain its leading
edge through continuous development and unparalleled customer support.
Chartwell invites you to preview and play our games at:
For further information, please contact: Chartwell Technology Inc.
Darold H Parken, President David Bajwa,
(877) 261-6619 or (403) 261-6619 (877) 699-4180 or
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: The statements contained herein which are not historical fact are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to, certain delays in
testing and evaluation of products, regulation of the online gaming
industry, and other risks detailed from time to time in Chartwell's filings
with the Securities & Exchange Commission. We assume no responsibility for
the accuracy and completeness of these statements and are under no duty to
update any of the forward-looking statements contained herein to conform
these statements to actual results. This is not an offer to sell or a
solicitation of an offer to purchase any securities.