Revenues Up For Online Casino Provider
Published: Friday, February 03, 2006 Online-Casinos.com
REVENUES UP FOR ONLINE CASINO SOFTWARE PROVIDER CHARTWELL TECH
Strong fourth quarter and year results released
Turnkey online casino software provider Chartwell Technology Inc. released its audited financial results for the fourth quarter and year ended October 31, 2005 this week. Highlights of the year, where compared to the same twelve-month period of 2004, total revenue increased 46 percent and income from operations increased 77percent included:
•Revenue of $17.8 million compared to $12.2 million in 2004;
•Net income before income taxes of $6.4 million and net income of $4.0 million compared to income from operations of $3.6 million and net income of $4.0M in 2004;
•Software license fees $16.4 million compared to $11.3 million in 2004;
•The company reports that 2005 was the latest in three consecutive years of profitability, and a year of significant growth for Chartwell, both financially and operationally.
Don Gleason, Chartwell Texh CFO reported: “Financially, we achieved record revenue, maintained quarterly profitability, increased our EBITDA and operating margins, strengthened our balance sheet and increased our working capital. Operationally, we extended the capabilities of our product development, deployment and support teams through a staged investment program which included the acquisition of Micropower Corporation. These investments are essential to enabling our online casino and poker company to drive continued growth in the expanding market for our products.”
