Shuffle Master first quarter loss narrows after cost cuts
The most recent quarter included a us$ 2.4 million, or 3-cent-per-share severance charge due to the departure of two senior executives. In the prior year, Shuffle Master lost us$ 1.8 million, or 5 cents per share. The just-concluded quarter had 52 % more weighted average shares outstanding.
Revenue came to us$ 34.5 million, down 9 % from $37.9 million, primarily due to a strong U.S. dollar against the Australian dollar and the euro. About a quarter of its revenue is in the Euro and Australian currencies. Excluding the impact of currency translation, revenue would have fallen by 3 %.
The first-quarter’s results missed the average estimate of analysts polled by Thomson Reuters. They were expecting a 4-cent-per-share profit on revenue of us$ 42.7 million. Shares of Shuffle Master rose 37 cents, or 17 %, to close at us$ 2.57 Thursday. The company released its earnings report after the market’s close, and the stock fell 2 cents to us$ 2.55 in after-hours trading.
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