Diluted earnings per share for the second fiscal quarter jumped 36% to $0.19 compared to last year’s $0.14, according to operating results reported last week by Shuffle Master Inc. (SHFL).
During the period revenue increased 35% to $27.1 million and income from operations moved upward by 18% to $10.4 million.
The results helped the company’s year-to-date financial picture with diluted earnings per share from continuing operations increasing 40% to $0.35 while revenue jumped 47% to $52.5 million.
Among the highlights outlined in the report included:
The authorization by the board of directors to repurchase up to $30 million of Shuffle Master common stock in the open market;
The announcement that the company had received its first orders for the Easy Chipper roulette chip sorting machine, and
The note that Shuffle Up Productions Inc., the newly established wholly owned subsidiary had launched its Three Card Poker National Championship with the first regional tournament held on June 6-7 at the Mohegan Sun Casino in Connecticut.
As a follow-up to the tournament announcement, the company said the subsidiary had contracted with LMNO Productions to develop and produce a multi-segment television program that would be based on the 2005 Three Card Poker National Championship tournaments.
Mark Yoseloff, chairman and CEO, credited the company’s new Utility Products segment with providing a "significant revenue increase" that benefited the company’s performance.
"Looking to the remainder of the fiscal 2005," Yoseloff said, "our market-leading shufflers and table game content, in addition to our increasingly diverse product portfolio, will position Shuffle Master for continued growth."
Management said it is targeting diluted earnings per share of $0.21 to $0.22 for the third quarter and $0.77 to $0.79 for full year of fiscal 2005.
Substantial increases in revenue and net earnings were announced by American Wagering Inc. (BETM) for the first quarter of the current fiscal year, a period when the company emerged from bankruptcy.
Revenues for the three months that ended on April 30 reached $3.3 million compared to $2.5 million in the same period a year ago. Net income was $218,729. In the same period of 2004, net income was $23,306.
In releasing the quarterly report, the company noted that it was a preliminary report subject to change although the company did not believe that material changes would follow.
Of particular note, the company said, was an increase of $766,000 in sports handle or the amount wagered at Leroy’s outlets. Last year, the amount wagered was only $562,000.
A number of new system installations as well as the addition of three new pari-mutuel race books operated by Leroy’s was expected to increase revenues.
In remarking on the quarterly report, Vic Salerno, CEO and president, noted that for Leroy’s operation is was the "best first quarter in its 25 years operating history with record handle and win."