Chartwell Technology Posts Third-Quarter Gain

11 September 2008

Chartwell Technology Inc., an online gaming software provider, released its third-quarter results today that showed a 16.5 percent total revenue gain from the same period in 2007.

The results, covering the three months to July 31, 2008, stated total revenue was at $6.1 million compared to $5.3 million for the same period last year. Basic earnings per share were also up 2 cents to 4 cents.

During the quarter, Chartwell released four new games, which brings the total to 17 new games in this fiscal year. It also announced the acquisition of its United Kingdom remote and non-remote operating licenses and will soon announce its first United Kingdom-licensed operator.

“Chartwell’s cash flow from operations for the first three quarters of 2008 of $8.3 million as compared to $3.8 million for the same period in 2007 shows the real strength of our business,” stated Alan Richter, chief financial officer of Chartwell, in the report.

“This cash flow will allow the company to invest in broadening our product base, improving the services we offer and to continue with our share repurchase program,” he continued. “In particular, we are very excited about the games that we have in the pipeline and believe they will set the standard for online casino slot games.”