Record Profit for Chartwell
Chartwell Technology Inc. (CWH) recently closed the book on its most profitable quarter to day, the first quarter of 2003. The Calgary-based company is reporting net income of $347,613 or $0.03 per share compared to a loss of $776,846 or $0.06 per share for the first quarter of last year.
Revenue for the quarter ended Jan. 31, 2003 increased 315 percent to $1,691,476, a substantial increase over the revenue of $407,343 during the same period last year. In addition, revenue from licensees increased 250 percent to $1,183,308 from $337,902 in 2002.
Expenses increased to $1,343,863 from $1,184,189, a 14 percent increase that reflects the company's higher development costs as it create new bingo and poker software. Darold H. Parken, the president and CEO of Chartwell, said revenue from the company's European gaming clients is having a positive effect on financial performance.
"Our mandate has been to deliver solid revenue growth across a core of branded customers and we are pleased to report that we are meeting those objectives," he said. "Given that our recurring license fee revenues continue to increase as a component of total revenues and our firm control over expenses, we are confident in our goal of achieving profitability this fiscal year."
In terms of the company's yearly results, Chartwell is reporting a 16 percent increase in revenue to $3,737,994 from $3,232,354 for the previous year. Revenue from software licensing for the year increased 191 percent to $2,646,766 from $908,876. Yearly expenses increased as well, to $5,169,276 from $4,068,321. Parken said the challenges faced by the industry during the last year resulted in positive growth for Chartwell.
"An important indicator of our long-term potential is the substantial growth we achieved in the recurring portion of revenue," he said. "We are pleased to report that recurring software license revenues now comprise approximately 70 percent of our total revenue stream."
Penn National Gaming Conference Call March 14
Penn National Gaming will release its first quarter report and hold a conference call on March 14 at 10 a.m. EST. To participate call 212/231-6032 or 415/537-1900 five minutes before the beginning of the conference. A recording of the call will be available by calling 800/633-8284 or 402/977-9140 and entering the access code 21129785.
Reports
Wembley plc (WMY) is announcing a 17 percent increase in adjusted earnings per share for the year ended Dec. 31, 2002. The company is also reporting a nine percent increase in operating profit to £35.9 million and an increase in dividend per share of 20 percent to 18 pence.
Wembley plc (WMY) - Yearend Report
Australia's Publishing and Broadcasting Ltd. (PBL) is reporting a 17.2 percent increase in net profit after tax for the six-month period ending in December of 2002. Normalized operating profit for the company during the same timeframe was AU $182.8 million.
Publishing and Broadcasting (PBL) - Interim Report
The Rank Group plc (RNK) is reporting earnings per share before exceptionals of 19.9 pence, an increase of 21 percent from last year. The company's profit before tax and exceptionals amounted to £200.3 million, up from £188.1 million during 2001. During the past year the company also acquired online betting site Blue Square.
The Rank Group plc (RNK) - Yearend Report