CALGARY, Canada — Chartwell Technology Inc. (TSX-VEN: CWH) a leading provider of gaming and information systems for companies engaged in the Internet gaming industry, announces financial results for the third quarter and the nine months ended July 31, 2002.
Total revenue for the third quarter of 2002 increased 20% to $1,117,939 compared to $928,663 in the same period of 2001. For the nine months ended July 31 2002, the Company’s total revenues increased 21% to $2,391,092 compared to $1,973,018 for the corresponding period of the previous year.
“Consistent with our business strategy, during the quarter the company has continued to focus on attracting established gaming clients, primarily in Europe”, states Darold H. Parken, President and CEO of Chartwell. ” Steady growth in our market share and the recurring revenue component of our total revenue has resulted in an average 30% quarter on quarter revenue growth since entering the software development business. Our objective is to continue this trend.”
Expenses for the third quarter were $1,131,736 compared to $926,911 for the corresponding period of the previous year. Expenses decreased $302,298 from the previous quarter. For the nine months ended July 31 2002 expenses were $3,749,959 compared to $2,833,266 in the corresponding period in the previous year. This increase is reflected in the continued development of our industry-leading choice of gaming options including casino, bingo and poker room games, now available in download, in-browser and wireless options giving an unprecedented level of access flexibility while using a wide range of currencies and languages. Consistent with our proactive expansion into new regulated markets, the Company has increased its compliance expenditures for its certification in these regulated markets.
The loss for the quarter was $13,797 or $0.00 per share compared to $568,224 or $0.04 per share in the previous quarter. Working capital at the end of the quarter was $6,159,960.
“We are seeing continued growth in Europe with the opportunity to break into new verticals”, states Darold H. Parken, “Poker, Bingo, and Wireless gaming are all new opportunities for revenue growth, both within our existing client base and with new licensees”. “Our unique business model along with our dedication to software development and un-paralleled customer support enables our existing and future clients in Europe and other regulated markets to depend upon us as a truly independent technology partner with no potential conflict of interest”.
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