Chartwell enjoys a good year

Canadian online gambling software provider Chartwell Technology has announced audited financial results for the year ended October 31, 2008, turning in a solid tenth anniversary year performance that included:
* Record total revenue at $24 million, up from $21.2 million in fiscal year 2007, an increase of 13.2 percent.
* Record cash flow from operations of $9 million, up from $5.1 million in fiscal year 2007, an increase of 77.3 percent.
* EBITDA of $6 million, almost twice the $3.1 million in fiscal year 2007.
* Net income of $2.8 million for fiscal 2008, up from a net loss of $84 000 in the prior year.
* Diluted earnings per share of $0.15 for fiscal 2008.
Chartwell management reported that the company invested in its future by delivering more games and upgrades to its gaming system than at any other time in its history, with:
* Eight new Casino soft games and nine new Casino slot games deployed in the year and a further eight new games nearing completion toward the end of the year in the company’s latest 7.0 software release .
* The development of industry leading responsible gaming features.
* Changes to the underlying architecture of the software to improve scalability, speed and usability.
Chartwell additionally achieved its planned objectives by:
* Receiving both a Remote and Non-Remote Operating License from the UK Gambling Commission.
* Becoming the first software supplier to launch a UK Gambling Commission regulated online casino with Extrabet, a wholly owned subsidiary of IG Group Holdings plc.
* Launching its development of a Bingo community.
“The Company executed its strategy very well in 2008,” commented Alan Richter, CFO of Chartwell. “We have a very focused strategy of getting more content out to our customers as efficiently as possible. Being efficient has meant managing expenses carefully, investing in our people, investing in improving our service delivery capability in Europe, broadening the services we offer, and taking advantage of tax incentives and planning opportunities as available to us.”
Chartwell continued to maintain a strong balance sheet through both growing cash flow and improved working capital. At October 31, 2008 – the end of its financial year – Chartwell had $22.3 million of cash and short term investments, and positive working capital of $23.7 million with no debt.

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