 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Shuffle Master Announces Third Q3 Results17 August 2000LAS VEGAS, Nevada –(Press Release) -- Aug. 17, 2000 -- Shuffle Master, Inc. (Nasdaq: SHFL) announced today that results for the Company's third fiscal quarter, ended July 31, 2000, set all-time quarterly performance records in revenue and income, excluding the previously reported effect of one-time licensing revenue recorded in the second fiscal quarter of fiscal 2000. For the three months ended July 31, 2000, the Company reported revenue of $9.2 million, a 16 percent increase over the nearly $8.0 million of revenue reported for the same period one year ago. Operating income increased 37 percent to $3.1 million, compared to $2.3 million a year ago, and net income for the quarter increased 36 percent to $2.0 million, or $0.27 per diluted share, compared to $1.5 million, or $0.19 per diluted share, for the third fiscal quarter of 1999. For the nine months ended July 31, 2000, revenue totaled $27.3 million, operating earnings were $9.2 million and net income was $6.0 million, or $0.80 per diluted share, compared to $20.9 million, $5.7 million and $3.8 million, or $0.47 per diluted share, for the same categories in the first three quarters of fiscal 1999. Joseph J. Lahti, Chairman and Chief Executive Officer of the Company stated, ``Our historical core business of shufflers and table games is in full stride. Recurring revenue and sales revenue growth continues its upward trend, with our 11th consecutive quarter of record recurring revenue." Lahti continues"Operating and net income comparisons show even greater improvement. The performance of the core business is especially noteworthy considering that, in the third quarter, R&D expenditures associated with our video machine operating and game software development annualized to $.14 per diluted share, with no related revenue yet on stream. Revenue should commence in the fourth quarter of fiscal 2000.'' Comparing product line results for the third quarter of fiscal 2000 to the same period in fiscal 1999, shuffler lease revenue totaled $3.3 million, up from $2.9 million, reflecting an increase in the installed base of leased shufflers to 2,807 from 2,174. Shuffler sales and service revenue was $2.3 million, compared to $1.7 million in the prior year quarter. T able game revenue grew to $3.1 million from $2.5 million, with a total of 933 tables installed as of July 31, 2000, up from 817 one year ago. Slot game and related revenue was $274,000, compared to $210,000 a year ago, and other revenue totaled $237,000, compared to $668,000 for the third quarter of fiscal 1999. Other revenue in the third quarter of fiscal 1999 included approximately $490,000 of sales of Chipper Champ machines and other TCS products. |