SEARCH NEWS:

 

Shuffle Master Management Provides Fiscal 2003 Outlook

In a forward-looking statement, the Company announced that it expects fiscal 2003 earnings per share to grow by approximately 20% to 25% over the totals to be reported for fiscal 2002. Accordingly, earnings per diluted share for fiscal 2003 are forecast to be in the range of $.91 to $.95. In addition, year over year EPS comparisons are expected to grow by approximately 20% to 25% in each of the quarters of fiscal 2003.

The Company also commented on results for the fiscal quarter and full year ended October 31, 2002, noting that results for these periods are expected to be in line with previous guidance. Specifically, earnings per share are expected to be $.24 to $.25 for the quarter and $.76 to $.77 for the year. Final results for the 2002 fiscal year will be announced during the week of December 9, 2002 and the Company will hold a conference call at that time to discuss the results in more detail.

Mark L. Yoseloff, Chairman and Chief Executive Officer of Shuffle Master, offered his perspective on the Company's business outlook: "Fiscal 2003 promises to be another strong growth year, with new product revenues expected to augment continuing core growth. We are pleased with the substantial progress in all of our product lines in fiscal 2002 and look forward to continued excellent results this fiscal year."

With respect to each of the Company's product lines, management provided the following commentary:

--Shuffler revenues are expected to show steady year-over-year growth in fiscal 2003. In fact, the new single and double-deck DeckMate(TM) shuffler, aimed at the blackjack and poker room markets, had a successful debut and should provide one of the growth drivers for shufflers in fiscal 2003. Additional growth is expected to come from further penetration of existing shuffler markets as well as the opening of several new markets, including Arizona.

--Table Games revenue growth is expected to maintain its strong momentum in fiscal 2003 due to continued demand and new markets for Three Card Poker. In addition, prospects for the Company's new table game products including Crazy 4 Poker and High Five Poker appear strong. Let It Ride is expected to show modest revenue gains in fiscal 2003. Year-over-year comparisons of royalty revenue in this category are expected to show significant growth in every quarter and should be particularly strong in the first half of the year.

--Slot Games are expected to demonstrate continued growth in fiscal 2003 and are estimated to generate more than 20% year-over-year growth in every fiscal quarter. Revenue growth should come from a larger installed base of IGT cooperative games, as well as from contributions from the Company's own internally developed, operating system-based games.

Yoseloff concluded by saying, "In the year just ended we have seen the benefits of product line diversity, with profitable core products funding the development of new revenue streams that will help sustain our growth in the future. In fiscal 2003 we are poised to reap the benefits of these new revenue streams while, at the same time, continuing our investment in product line diversification. This strategy has positioned Shuffle Master for excellent revenue and earnings growth in 2003 and has set the Company on a course for continued success for 2004 and beyond."

< Gaming News