Chartwell Releases Q1 2010 Figures
Chartwell Technology, the Calgary based software giant, released figures for its first financial quarter of 2010, showing a drop in revenue compared to the same period last year.
The group said that in the period ending January 31, 2010, revenues had dropped from $4.2 million to $3.5 million.
Chartwell generated a net loss of $800K in the first quarter.
Despite the figures, the Chief Financial Officer of Chartwell Technology, Alan Richter remained upbeat.
"While the year over year comparison displays a decrease in revenue, it does not illustrate the benefits of the strategic shift of focus to the company's core casino product, platform and systems," he said.
Expenses relating to software development and support rose 13.2% to a sum of $2.4 million in the first quarter compared to the previous year.
However, Chartwell made special efforts to curb spending in other areas and saw sales and marketing expenses fall $100K, and the same amount in general and administrative expenses.
"Revenues remained constant compared to the fourth quarter of 2009 while the company is engaged in the release of its largest and most diverse set of games and features throughout the balance of 2010," said Richter.
Another reason that the CFO doesn't seem to be particularly worried is due to the state of the company's balance sheet.
At the time of compiling the Q1 report, the company had $17.4 million in cash and short term investments, while its working capital stood at $21.2 million.
"The decision to focus on our casino product, platform and core systems has been well received both my clients and prospects," said Richter.
