Chartwell Reports A Decline In Q1 Revenue

CHARTWELL REPORTS A DECLINE IN Q1 REVENUE

18th March, 2011 at 07:59:34
Source: http://www.azonlinecasinos.com

But is working aggressively to get back on track to growth

Canadian gaming provider Chartwell Technology Inc (Chartwell) announced its financial results for the three months ended January 31, 2011 this week.

Fiscal highlights for its first quarter, the three months ended January 31, 2011include:

- 10.3% decrease in total revenue to $2.2 million (Q4/2010: $2.4 million)

- License revenue declined by 10.9% due to the loss of a significant licensee (Betfair)

- Net loss of $1.9 million over the period increased from the net loss of $796,000 for the three months ended January 31, 2010

- Continued balance sheet strength at the end of the period of $15.3 million in cash and working capital of $16.3 million.

Operating highlights include:

- Deployment of a flash-based casino to Centrebet

- License agreement to supply online casino games to the Rank Group

- Four new games releases

Alan Richter, CFO of Chartwell comments on the first quarter of 2011 results: Chartwell is working aggressively to replace the decline in revenue that occurred over the last year. Winning new business with both Centrebet and Rank are important steps and we believe that all the new casino content including our new relationship with Live Dealer supplier Ho Gaming will allow us to get back on track to growing revenue.

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