Shuffle Master posts record earnings in second quarter

May 29, 2001 10:19 AM
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As promised in previous earnings announcements, Shuffle Master Inc. (SHFL) reported last week that it had set all-time quarterly performance records in revenue and net income for the second fiscal quarter that ended April 30.

Also, Chairman Joe Lahti announced that the board of directors had agreed to a 3-2 stock split and a division of duties in the office of chairman and CEO. Lahti will retain his position while Dr. Mark Yoseloff will add the responsibilities of CEO to his position as president.

Revenue for the period was $12.3 million, a 28 percent increase over the $9.6 million reported in the comparable period a year ago. Net income was 24 cents a share, compared with 22 cents.

"Our second quarter showed terrific growth in all product lines compared to last year’s second quarter," Lahti said. "We finished the quarter with an installed base of 868 [shufflers], including both leased and sold units. The installed base of Three Card Poker tables finished at 426, up 201 from last year’s second quarter, and 73 tables from last quarter. The Three Stooges game was launched with 80 revenue-producing installations in late April, and we recently received GLI and Nevada approvals for Let’s Make A Deal."

As for the stock split, Lahti said it will take the form of a dividend, with the additional shares being issued on June 18 to shareholders of record at the close of business on June 8. Each shareholder will receive one additional share for every two shares owned.

Interactive Systems

Record revenues and earnings were reported by Interactive Systems Worldwide Inc. for the quarter ended March 31.

The company, formerly known as International Sports Wagering, said quarterly revenues increased to $974,000 from $125,000, while net income was up to $445,000 from a loss of $591,000 in the same period a year ago.

The increases were attributed to "continuing licensing agreements with Global Interactive Gaming."

Also, the company said it was comfortable with its prior earnings projection of approximately $2 million for this fiscal year.

Thunderbird Gaming

Despite an increase in gaming revenues of 6.7 percent over last year, International Thunderbird Gaming Corp. (INB) said it recorded a loss of $449,000, or 2 cents a share, compared with a profit of $65,000, the equivalent of 0 cents per share, last year.