International edition
September 27, 2020

The company showed a profit of us$ 8.1 million

Shuffle Master reports record revenue but third quarter loss

(US).- Shuffle Master reported record revenue for the fourth fiscal quarter of 2008 but because of a goodwill impairment charge showed a diluted loss from continuing operations of us$ 15 million or us$ 0.28 per share.

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n the comparable period last year, the company showed a profit of us$ 8.1 million or us$ 0.23 per share.

For the 12 months that ended on October 31, 2008, the company showed a loss of us$ 10.8 million compared to a profit of us$ 16.3 million in 2007. This equated to a per share loss in 2008 of us$ 0.27 per share whereas a year earlier the company reported a profit of us$ 0.46 per share.

Revenues during the fourth quarter totaled us$ 53.6 million, a 4% increase over the prior year and an 8% jump from the prior sequential quarter. Analysts were looking for a profit of us$ 0.08 per share on sales of us$ 49 million.

Lease and service revenue reached us$ 20.2 million, up 17% from the previous year while EBITDA (earnings before interest, taxes, depreciation and amortization) increased from us$12 million to us$13.9 million.

Commenting on the report, Coreen Sawdon, acting CEO, said: "Overall, the fundamentals of our business are solid. We begin the new fiscal year with an exceptionally strong balance sheet, healthy cash flow generation, a low leverage ratio, and a continued emphasis on reducing our cost structure."

A pair of analysts expressed their pleasure over the company’s performance. Steve Wieczinski of Stifel Nicolaus noted to clients that Shuffle Master actually had adjusted earnings of us$ 0.12 per share, which surpassed both analysts’ estimates and his own forecast of us$ 0.09 per share. Besides, Todd Eilers also expressed satisfaction with the company’s performance and maintained his "hold" rating on the shares.

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