Chartwell Technology’s Profits Rocket
By philip
Chartwell Technology, the Calgary based provider of gaming software systems and entertainment content to the online and mobile gaming industry, announced robust financial growth during 2003 this week. The company highlights revenue growth and consistent profitability as being key characteristics of their financial performance. For the twelve months ending October 31, 2003 revenue was $7,353,141, an increase of 97% compared to $3,737,994 for the previous year.

'We are pleased to report that we met our fiscal 2003 financial objectives on all fronts', states Don Gleason, CFO. 'We concluded the year with significant revenue growth, achieved profitability in four successive quarters and generated $0.11 in earnings per share.’

Chartwell attribute much of the steep rise in revenue to the increase in license fees from its installed base of clients. Income from license fees totalled $6,300,335 compared to $2,646,766, an increase of 138% compared to the previous year. ‘With a solid financial foundation, an expanded product offering and a growing customer base we have a strong platform from which to continue to expand our business and extend this momentum into fiscal 2004,' said Gleason.

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