Chartwell doing Well
Remote gaming software provider, Chartwell Technology Incorporated, recently released its inspected financial results for the year till the end of October. The statistics showed total revenues amounting to $19.27 million.
For the previous financial year, the company recorded revenues up to $17.02 million. The latest figures indicate that the company has experienced a 13% growth. Apart from that, the company declared that the cash flow through operations came up to $7.22 million. This amount saw an increase by 77.3% from $4.09 million in 2007. Earnings before interest, taxes, depreciation and amortization increased twofold from $2.48 million to $4.81 million. Net income amounted to $2.24 million. It recovered from the net loss of $67,461 suffered in the previous year.
The short term results that the firm revealed showed the years fourth quarter revenues at $4.09 million, which equated favourably with the $3.93 million for the same period in 2007. This mainly happened because of an augment in service returns. Apart from the financial results, the company also declared that it had made investments to distribute more games and various updates than ever before.
Chartwell launched as many as eight online casino games plus nine online slots. Eight more games were on the verge of being completed at the end of 2008. Alan Richter, Chief Financial Officer for Chartwell said that the company was able to execute its strategy really well in 2008.
