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Chartwell Technology cites competition, recession for lower Q4 income

Fri, 01/29/2010 - 1:01pm
The Associated Press

CALGARY Chartwell Technology Inc. (TSX:CWH), an online gaming software systems provider, cited increased competition and the lingering effects of the recession for lower earnings in its fiscal fourth quarter.

The Calgary-based company reported net income from continuing operations for the quarter ended Oct. 31 of $196,000 or one cent a share. That was down from $710,000 or four cents a share in the comparable 2008 period.

Revenue was $3.5 million, down from $4.6 million.

Revenue for the full year was $15.6 million, down 26 per cent from $21 million in fiscal 2008 as the company posted a net loss from continuing operations of $396,000 as compared with net income of $3.6 million in fiscal 2008. Per share figures were not given.

"The decrease in revenue results from several causes, including the overall reduced revenue that operators have experienced given the poor economic climate, increased competition and the non-renewal of two licensees late in the company's 2008 fiscal year," Chartwell said in a news release.

Negative factors were partially offset by generally lower expenses for both software development and marketing and an income tax recovery, it said.

Meanwhile, the company said it focused on its core casino gaming software business in fiscal 2009, continuing to release a large number of new games as well as completing major improvements to its casino management system's capabilities.

Chartwell specializes in the development of leading-edge gaming systems and content for the regulated online gaming industry.

Its shares were down 10 cents at $1 in trading Friday on the Toronto Stock Exchange.

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