Chartwell Climbs
Chartwell Technology Inc.'s (CWH.V) financial results for the third quarter ended July 31, 2003 show that the company continues to meet its financial objectives, with revenue soaring to $1.9 million--$0.8 million greater than last year's value for the same period. The company's operating income for the period was $416,000 or $.03 per share, its net income was $215,000 or $.02 per share, and its net loss was nearly negligible at $14,000 ($0.0 per share). Software licensing fees accounted for $1.7 million, while last year they accounted for only $625,000. The company's cash flow from operations has risen from 286,000 last year to this year's third quarter mark of $308,000. Chartwell ended the quarter with a working capital of $6.7 million.
CryptoLogic Lists in London
CryptoLogic Inc. (CRYP), the largest publicly-traded online gaming software company in the world, announced last week that it is listing on the London stock market. Having a cash balance of $60 million and no debt, the company did not need to raise any funds for the move. CryptoLogic hopes that its listing will boost its business and exposure to investors.
TradingSports Half-Year Results Released
AIM-listed exchange betting software provider TradingSports (TES.L) today reported its half-year financial results. The company listed in May and then raised £4 million, but it lost £846,000 in the first half and experienced a turnover of £25,000 for the period from Feb. 3 to June 30. The company says its cash reserves of £2.7 million at the end of June were more than enough to support the new contracts needed to balance costs with revenues.
TradingSports has just signed Las Palmas sports book, increasing its number of live contracts to 8, with 2 more anticipated by the end of the year.
World Gaming Spike
Share prices of U.K.-based gaming software supplier World Gaming reached a 52-week high Wednesday, peeking at $0.33 per share and closing at $0.30 per share, double the opening price of $0.15. The stock also saw its highest trading volume (301,300) since April. After falling slightly Thursday the stock rebounded finishing the week at $0.27. Volume was unusually high throughout the second half of the week, and the trend continued today. The company held its annual general meeting Friday. It released its second-quarter results Sept. 12, which included the following highlights:
- Royalty revenue up 26 percent from the same period last year.
- Operating expenses down 45 percent from the same period last year.
- Net loss for the quarter $236,000 vs. $2,942,000 for the same period last year.
- Year-to-date profit $205,000 vs. $3,847,000 loss for the same period last year.
- Settlement of a significant number of legal disputes.
- Release of the Casino 3.3.1 gaming product suite.
- Successful upgrade to Oracle 9i platform.