|Calgary, Canada, June 12, 2003, Chartwell Technology Inc. (TSX-VEN: CWH) a leading provider of gaming software systems and entertainment content to the online gaming industry, announces financial results for the second quarter ended April 30, 2003. Revenue growth and profitability are the important characteristics of Chartwell's second quarter of operations, building on the strong revenue and profitability reported in the first quarter. |
Total revenue for the second quarter 2003 increased 125% to $1,946,497 compared to $865,810 in the same period of 2002. Total revenues for the six months ended April 30 2003 increased 185% to $3,637,973 compared to $1,273,153 for the corresponding period of the previous year. License fee revenue for the second quarter 2003 totaled $1,576,740 compared to $538,403 for the same period of the previous year representing an increase of over 190%. For the six months ending April 30 2003 license fee revenue totaled $2,760,048 compared to $876,305, an increase of over 210% from the previous year.
Expenses for the second quarter 2003 totaled $1,793,634 which included a currency translation expense of $382,876 due to the strengthening Canadian dollar against its US counterpart. While revenues are not affected the Company incurred the currency translation expense due to a revaluation of its US monetary assets.
The net income for the period, after the currency translation expense, was $152,863 or $0.01 per share compared with a loss $568,224 for the corresponding period of the previous year. For the six months ending April 30 2003 the company's net income totals $500,476 or $.04 per share compared to a loss of $1,345,070 or ($0.09) per share for the same period in the previous year. Chartwell remains debt free and strengthened its cash position ending the quarter with working capital of $ 6,618,605.
'Our consistently strong revenue growth reflects the success which we have achieved by remaining true to our unique business model and by concentrating on the development of our unique gaming systems.', states Darold Parken, President and CEO. 'This quarter marks an important milestone for the Company where license fee revenues exceed operational expenses achieving the initial profitability target which we will now build on. We look forward to continued revenue growth in future quarters as the company expands its European client base and deploys additional technologies such as it wireless gaming system and its multi-player poker and bingo products to provide additional revenue streams and corresponding profit for the Company'.
For the balance of the fiscal year, Chartwell will continue to focus on specific innovative software development projects, responsible gaming functionality and further European market expansion. These are important components of Chartwell's plan for ongoing success and accelerated profitability.
Chartwell Technology Inc. specializes in the development of leading edge 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 and maintaining its leading edge through continuous development and unparalleled customer support.
Chartwell invites you to preview and play our games at: www.chartwelltechnology.com
For further information, please contact: Chartwell Technology Inc.
Darold H Parken, President
(877) 261-6619 or (403) 261-6619 firstname.lastname@example.org