Shuffle Master narrows quarterly loss

Mar 24, 2009 4:07 PM
Earnings by Ray Poirier | Shuffle Master Inc. (SHFL) reported it had narrowed its loss in the first fiscal quarter, that ended on Dec. 31, 2008, from a year earlier by reducing its operating costs by 24 percent.

The company said it lost $973,000 or $0.02 per share compared to the previous year when the loss was $1.8 million or $0.05 per share.

Revenues were $34.5 million, down from $37.9 million in the comparable quarter. Part of the revenue loss was attributed to currency exchanges since a quarter of the company’s business comes from Europe and Australia. Without the currency losses, revenues would have fallen just three percent.

Included in the quarterly loss was a charge of $2.4 million that resulted from severance expenses paid to departing executives.

Making his last appearance for the company was Dr. Mark Youselof who retired as chairman and CEO. He is being succeeded by Timothy Parrot, who also becomes a member of the board of directors.