|Chartwell Technology has re-released its financial statements from 2001 to 2003 after the company changed its revenue recognition policy.|
The policy change has not affected the outcome of the financial statements, although it has affected the timing of the set-up fee revenue and the allocation of revenue to reporting periods. It does not affect cumulative revenue or gross margins from software licensing contracts which from 92 per cent of the company’s revenue.
The change in policy will not impact cash flow or future business plans that Chartwell has.
The financial Statements can be seen on SEDAR.