Ukbetting in Line With Expectations
Ukbetting Plc (UKB.L) released a pre-close period trading update to announce that it expects to report results for the year ended Dec. 31, 2004 that are in line with its market expectations, despite the unfavorable sports results that hurt the company (and several other British bookmakers) in the second half of 2004. The company received an EBITDA profit in the fourth quarter of 2004, and the gaming division recorded an 11 percent improvement in gross win during the second half. Poker turnover improved by 356 percent during 2004, and non-sports betting now accounts for 60 percent of the group's turnover.
Paddy Power Pleased with Results
Irish betting operator Paddy Power Plc (PAP.L) issued a trading update to announce that it expects profits for the year ended Dec. 31, 2004 to reach about 32.1 million euros, an improvement of over 57 percent over last year's figure. The group also expects basic earnings per share to be about 56.4 cents per share, compared to 36.97 cents per share at the end of last year. Like so many other European sports books, Paddy Power reported that unfavorable sporting results in the final quarter of '04 adversely affected its gross margin for the year. The company's preliminary results for the year 2004 will be released on Feb. 23.
Restructuring for Lasseters
As part of a corporate restructure, Singapore-listed Lasseters International Holdings Limited (LIH.SGX) has proposed plans to acquire all of the shareholding in Lasseters Interactive Gaming Pte Ltd., an unlisted Singaporean company that owns 73.72 percent of the shareholding in Australia-listed Lasseters Corporation Limited (LCL.ASX). The deal entails separate option agreements between Lasseters International and the Tan Brothers (Dato' Jaya J B Tan, Kamal Y P Tan, and Tajuddin Joe Hok Tan) and between Lasseters International and Dato Kuan Peng Soon. The Tan Brothers option agreement gives Lasseters International the option of acquiring the entire issued share capital of Lasseters Interactive Gaming, and the option agreement with Dato Kuan gives Lasseters International the option to acquire 2,280,000 ordinary shares representing 2.28 percent of the issued share capital of Lasseters Corporation.
Parlay Moves to Canada
I-gaming software provider Parlay Entertainment Inc. (DCEG.OTC), which recently merged with Internet bingo solutions provider dot com Entertainment Group Inc., has completed the relocation of its corporate domicile from Florida to Ontario. DCEG moved to Ontario from Nevada in October 2004 and then amalgamated in November with its various Canadian subsidiaries to become Parlay Entertainment Inc. Shareholders of DCEG became shareholders of Parlay.
Reports Released
Calgary-based I-gaming software provider Chartwell Technology Inc. (CWH.TO) has released its financial results for the fourth quarter and year ended Oct. 31, 2004. On the year, the company improved its revenue from $7.3 million to $12.2 million and recorded operating income of $3.6 million and net income of $4 million compared to operating income of $1.1 million and net income of $1.7 million in 2003. Earnings per diluted share doubled from $0.12 at the end of 2003 to $0.24 at the end of 2004. Revenue of $3.5 million came during the fourth quarter of the year, compared to just $2.1 million in the previous year's fourth quarter. Also recorded in the fourth quarter were operating income of $831,000 and net income of $1.5 million compared to operating income of $744,000 and net income of $1.4 million over the same period of the previous year.
Chartwell Technology Inc. - Annual Report