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DATE: Feb 08 2012
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POKER NEWS >> Chartwell Hit By Competition

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Tuesday 24th March 2009

Chartwell Hit By Competition

Remote gaming software provider Chartwell Technology Incorporated has released its financial results for its first quarter showing a 21 percent drop in revenues to $4.6 million. The Calgary-based firm reported revenues of $5.8 million for the same period last year and stated that the recent decrease was due to a decline in revenues from both casino and poker as it experienced increased competition. Chartwell revealed that it had also experienced higher software development and support expenses alongside increased administrative and general charges during the quarter as it continues to focus on expanding its online gaming content as well as the services it provides to customers. The Canadian firm reported a net loss for the first quarter of $700,000 compared to a profit of $900,000 for the same period last year while also stating that its earnings before tax declined from a positive $1.8 million to a negative $400,000. Chartwell revealed that cashflow from operations before working capital adjustments similarly declined from $1.4 million to $100,000. Chartwell released Version 7.0 of its gaming software system during the quarter, which added new games to its portfolio alongside extensive back office enhancements, while also entering into a multi-title licensing agreement with Paramount Digital Entertainment International. “The company started this fiscal year with challenges to revenue growth as a few of our clients introduced additional gaming products from other suppliers,” said Alan Richter, Chief Financial Officer for Chartwell. “The increased competition intensifies our resolve to focus on the depth and breadth of our product and services offerings. We have increased our investment in product and service delivery and we are confident that our unique capabilities in these areas as well as our new sales opportunities should return the company to profitable growth in the near future.”

 


Source: OnlineCasinoNews


Discuss this story in the Poker Forum. Last 5 Posts:
Wednesday 1st February, 2012:   Separate section for rail threads?
Wednesday 4th January, 2012:   some sort of live poker schedule/diary thingy.
Saturday 31st December, 2011:   Doesnt add up ?!?
Friday 30th December, 2011:   Warewolf
Friday 30th December, 2011:   did you know you can ban people from the chatbox ?

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