Good News From Chartwell Technology
Published: Thursday, June 14, 2007 Online-Casinos.com
GOOD NEWS FROM CHARTWELL
Canadian turnkey provider reports revenues and cash in hand all up
Calgary-based turnkey provider Chartwell Technology has produced another positive set of business figures, reporting on the three and six months period ended April 30, 2007 with US$13.8 million cash in the bank, fresh business contracts and rising revenues up at US$ 5.6 million (previous $4.8 million) over the three month period. EBITDA for the period was US$ 600 000.
Highlights for the second quarter of 2007 include:
Company completes acquisition of the Poker Community Management business
New corporate revenue record for a quarter at $5.6 million, a 17 percent increase from the comparable quarter in 2006
License fee revenue matches the corporate record set in the first quarter at $5.3 million, a 20 percent increase from the comparable quarter in 2006
Expanded suite of poker variants for unique European markets
License fee revenue increased 19.9 percent to $5.3 million from $4.4 million in the second quarter of 2006. This increase in license fee revenue was from new business agreements signed in 2006 as well as revenue growth from existing clients.
Continued strong balance sheet through positive cash flow and positive working capital. At April 30, 2007 Chartwell had $13.8 million of cash and short-term investments compared to $12.7 million at October 31, 2006.
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