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Audited financial results for the fourth quarter and year ending October 31, 2005 revealed a 46 percent increase in total revenue for online casino software provider, Chartwell Tech. The results, released just this week, also revealed a 77 percent increase in income from operations. Highlights of this year were compared to the same period of the previous year and included revenue of $17.8 million compared to $12.2 million in 2004. The highlights also showed a net income before income taxes for 2005 of $6.4 million and a net income of $4.0 million compared to 2004’s income from operations of $3.6 million and net income of $4.0 million. Chartwell Tech was also able to report that software license fees for 2005 were at $16.4 million compared to $11.3 million in 2004. The findings in the report make 2005 the third year of profitability for the company as well as a year of significant financial and operational growth. Chartwell Tech’s CFO, Don Gleason, reported: “Financially, we achieved record revenue, maintained quarterly profitability, increased our EBITDA and operating margins, strengthened our balance sheet and increased our working capital. Operationally, we extended the capabilities of our product development, deployment and support teams through a staged investment program, which included the acquisition of Micropower Corporation. These investments are essential to enabling our online casino and poker company to drive continued growth in the expanding market for our products.” Related Links: Posted on: February 9, 2006
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