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In a September 9 release, the company noted third quarter 2009 financial highlights include:
- Revenue of $45.1 million decreased by 9 percent, or $4.4 million, year-over-year from $49.5 million and was within 2 percent, or $1.0 million, when adjusted for the exchange effect of a stronger U.S. dollar.
- Total lease, royalty and service revenue was a company record, up 4 percent year-over-year and 2 percent sequentially, and totaled $21.0 million, or 47 percent of total revenue.
- Net income increased 87 percent to $5.6 million from $3.0 million.
- Diluted earnings per share ("EPS") increased to $0.10 from $0.08 year-over-year on a 49 percent increase of diluted common shares over the same period.
- Selling, general and administrative ("SG&A") expenses, in line with the Company's key initiatives, decreased by $3.4 million, or 19 percent year-over-year, or by $2.6 million when adjusted for the exchange effect of a stronger U.S. dollar.
"The company remains focused on executing our key strategic initiatives in the face of economic challenges both we and our customers are combating," said Tim Parrott, CEO. "We are continuing to see the real impact on our bottom line of specific cost containment measures initiated earlier this year and are confident that regional expansions, new openings in Asia, increased momentum in the shuffler replacement cycle and the i-Table rollout this fall are all milestones on the path toward future top line improvements as well."
Nine months year-to-date 2009 financial highlights include:
- Revenue of $124.9 million decreased by 8 percent, or $11.5 million, year-over-year from $136.4 million and was within less than 1 percent, or $0.7 million, when adjusted for the exchange effect of a stronger U.S. dollar.
- Year-to-date lease, royalty and service revenue was up 6 percent year-over-year and totaled $61.9 million, or 50 percent of total revenue.
- Net income increased 117 percent to $9.2 million from $4.2 million. This includes the pre-tax $2.0 million extraordinary gain from the early extinguishment of debt in the second quarter.
- Diluted EPS increased to $0.17 from $0.12 year-over-year on a 51 percent increase of diluted common shares over the same period.
- Adjusted EBITDA totaled $38.4 million, up 10 percent from $34.8 million year-over-year.
- SG&A, in line with the Company's key initiatives, decreased by $4.4 million, or 8 percent year-over-year. Excluding the impact of $6.8 million of severance charges related to the departure of four senior executives and other non-recurring items, SG&A decreased $11.3 million, or 21 percent year-over-year. This savings includes a favorable impact of $2.7 million when adjusted for the exchange effect of a stronger U.S. dollar.
- Net debt (total debt, less cash and cash equivalents) was $26.1 million lower than at the end of fiscal year 2008.
- Cash and cash equivalents totaled $17.2 million as of July 31, as compared to $5.4 million as of October 31, 2008.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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