Chartwell release details of prosperous second quarter
By abigail
Chartwell Technology Inc have released their financial results for the period ending 30 April 2004, the second quarter of their financial year. The results released show a very strong and profitable quarter with gains in revenue and profit being made across all aspects of the business.

Their revenue generated in the second quarter has increased by 40percent compared to the same period in 2003- now standing at US$2,725,000, whilst it stood at US$1,946,000 at the end of quarter 2 in 2003.

Sources at the company have contributed the growth to developing and extending their customer base as well as increasing revenue earned from licensing fees, both from new customers and existing customers who are renewing licenses.

The Chief Financial Officer for Chartwell, Don Gleason, has released the following statement to accompany the announcement of the financial records: “This has been a strong financial quarter for Chartwell, consistent with our financial objectives for 2004. We achieved record revenues, posted our sixth consecutive quarter of profitability and increased our working capital and cash position while continuing to invest in key areas of our business. The establishment of our European operation in London, our rollout of new products and platforms and our strong balance sheet will enable us to carry this financial momentum through the remainder of fiscal 2004”.

The prospering finances of the company translated into a rise of US$0.05 per share, with net earnings for the quarter standing at US$792,000. In the second quarter of 2003 these figures stood at US$0.01 per share, or a total of US$153,000 net earnings. This strong growth saw the company end the quarter with no debt, and with a total figure of US$198,000 in operating cash flow.

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