Blame The Italians, Says Chartwell
Published: Friday, September 15, 2006 Online-Casinos.com
BLAME THE ITALIANS, SAYS CHARTWELL
Licensees having problems with the Italian blockade of online gambling sites
Canadian turnkey online casino provider Chartwell Technology blamed unilateral Internet blockading moves by the Italian AAMS authorities to ban online gaming for declines in revenue from some of its operators, according to company reports this week.
Net income showed a decline from the results for the same period last year at US$1.1 million for nine months of 2006 compared to US$3.1 million for the prior year period. Revenue for the nine months to July rose only 5 percent to US$ 13.9 million compared to US$13.2 million for the same period a year earlier.
The company said the principal causes for the reduction in net income were a US$1 million provision for a doubtful account taken in the second quarter of 2006, higher software development and support expenses to meet new customer deliveries under signed agreements and higher administrative expenses.
For its third quarter figures, Chartwell saw revenue rise to US$ 4.7 million from US$ 4.5 million for the same period a year earlier. Net income was US$ 0.5 million compared to US$ 0.7 million over the same period in 2005.
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