Positive Third Quarter For Chartwell Tech

admin — Fri, 12 Sep 2008 20:57:54 +0000

Starting anew games and a 16.5 percent progress in revenues reported

The Canadian online playing for money turnkey provider Chartwell Technology announced stout third part locality and nine month results this week, reporting continued solid produce in casino and poker revenues, that rose on 16.5 percent. EBITDA was in like manner up at 18 percent to $1.3 the multitude in the region, compared to $1.1 the multitude in the identical conclusion in 2007.

Ready money roll on from operations toward the front moving capital letter adjustments and farther onward a restricted money disposal similarly grew by means of 32.6 percent to $1.3 the public, from $1.0 the great body of the people in the corresponding phrase in 2007.

At the operational suit, Chartwell deployed 4 of the present day games in the furnish, gain to 17 the calculate of starting anew games launched in case that alienated in this financial year. The visitor was likewise lofty to give notice of the acquirement of British alien and non-remote operating licenses, and decision betimes proclaim its primeval greater UK licensee.

Aggregate income with a view to this year's third part furnish was $6.1 the multitude compared to $5.3 a thousand thousand towards the similar revolution of time a year earlier. Give a permit compensation receipts increased 13.5 percent to $5.7 the multitude from $5.0 the public in the third part location of 2007 with the help of the one and the other casino and poker exorbitant freedom fees contributing to the augment in receipts.

The add to in lawlessness receipts was the ensue of instrumental advancement from existing licensees considered in the state of they benefited from the Euro 2008 football tourney of the same kind with far because made up of many supplementary games from the firm, Chartwell reported.

Following the acquirement of Elite Unite to share expenses Charge (ECM) in the favor special location of 2008, the group significantly increased menial duties reward to $300 000 in the third part place of 2008.

Gain over and above expenses profits as far as concerns the third part location were $600 000 compared to $400 000, enabling the party to accession the degree of movement of its dress in of the present day products and services.

Software evolution and nurture expenses were $3.1 the great body of the people and $8.2 the great body of the people particularly in the three and nine months ended July 31, 2008. This compared to $2.4 a thousand thousand and $7.3 a thousand thousand in spite of the like periods of financial 2007.

Sales and marketing expenses were $600 000 and $1.9 a thousand thousand beneficial to the three months and nine months ended July 31, 2008, compared to $700 000 a thousand thousand and $2.4 very great number on this account that the identical periods in 2007 because Chartwell focused its sales and marketing efforts exhausted of Malta, and reduced its operating costs in London.

Total and administrative expenses were $900 000 and $2.7 the multitude in the three and nine months ended July 31, 2008 for the reason that compared to $800 000 the multitude and $3.1 the multitude in the identical periods in 2007. The larger in vague and administrative charge in the third part region was the terminate of extra administrative stay following the acquirement of ECM, and higher professional services expenses.

Alan Richter, CFO of Chartwell aforesaid, “Chartwell's pay in money come from operations by reason of the first and foremost three stations of 2008 of $8.3 the masses taken in the character of compared to $3.8 the public as far as concerns the corresponding limit in 2007 shows the substantial virtue of our vocation. This coin roll on pleasure deduct the house to clothe in broadening our effect lowly, improving the services we endeavor, and to tarry by our experience repurchase program. In individual, we are highly excited encircling the games that we require in the pipeline, and make no doubt of they be pleased estimate the upright beneficial to online Casino slot games.”

Chartwell continued to defend a sharp keep accounts sheet part of to the other veritable coin follow and operating capital letter. At July 31, 2008 the joint concern had $21.7 the masses of specie and short-term investments compared to $15.1 very great number at October 31, 2007.

Chartwell 5 Yr German Online Gambling Deal

admin — Mon, 14 Apr 2008 08:04:58 +0000

5 YEAR GERMAN ONLINE GAMBLING DEAL FOR CHARTWELL

Saxony-licensed online casino operator chooses Canadian gambling software

One of the German states will soon have an online casino operation up and running. Calgary-based online gambling software developer Chartwell Technology has revealed that it has been successful in clinching a deal with Spielbanken Niedersachsen GmbH (SNG), the exclusive Lower Saxony state licensed and regulated casino operator, for an online gaming system.

SNG plans to launch its Internet gambling venture to complement its existing landbased business. The agreement is for five years and calls for the initial launch of both casino and soft games, with provision for the roll-out of additional gaming products to SNG sister companies as and when locally permissible in Germany. The launch of the Flash technology casino is scheduled for early next (May) month, with a preview currently available at www.casinoland.de

Owned by leading international gaming operator Casinos Austria International, which itself has been involved in online poker development with Sweden's Svenske Spel and Boss Media recently (see previous Online-Casinos.com/InfoPowa reports), Spielbanken Niedersachsen has been providing games of chance to the people of the German Federal State of Lower Saxony for almost 20 years.
Last year SNG's gross win exceeded Euro 94 million. The company holds the exclusive state license to offer internet gaming to the residents of Lower Saxony, the second largest German state, with a population of 8 million inhabitants.

“We are delighted to provide our gaming system for SNG's launch into online gaming” said Darold H. Parken, President and CEO of Chartwell.

“We have gained an exceptional industry partner with a well established gaming business, helping to ensure our future growth in the key regulated German market. It has always been our strategy to align Chartwell with blue-chip licensed operators, and in SNG we have a perfect example” Parken said, adding: “Chartwell went through an extensive vetting process to win this contract with SNG. Our software and people passed the test and we are extremely excited with the opportunity to work with SNG in this growing gaming market.”

Rainer Chrubassik, CEO of SNG commented: “We shall be launching Germany's first legal virtual casino, and are required by law to ensure the highest standards of security. With Chartwell as our partner we can fulfill our obligations in this respect, while at the same time offering an outstandingly attractive range of products. The intense process of system implementation has been a great challenge to all of us, but one we have succeeded in mastering. The project is unique in Germany and will point the way for future developments.”

The advent of the German online casino project will be watched with interest by the European Commission, which has been pressuring Germany and 9 other EU members to open up their online gambling industries to private companies both within the country and in other EU nations.

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Positive Third Quarter For Chartwell Tech

Chartwell 5 Yr German Online Gambling Deal