Charge hurts Shuffle Master earnings
A one-time charge to settle a lawsuit kept table game manufacturer Shuffle Master Gaming from increasing its fourth-quarter earnings.
The Las Vegas-based company said Thursday its net income for the quarter ended Oct. 31 was $5.7 million, or 10 cents per share. A year ago, the company reported net income of $6.2 million, or 12 cents per share.
During the quarter, Shuffle Master settled a lawsuit with rival Prime Table Games, which cost the company more than $2 million. Shuffle Master's net revenues in the quarter rose 7 percent to $58.6 million.
For the fiscal year, Shuffle Master had a net income of $23.1 million and earnings per share of 43 cents, both of which increased over fiscal 2009 net income of $15 million and 28 cents per share.
Revenues during the fiscal year rose 12 percent to $201.3 million.
Shuffle Master interim Chief Executive Officer David Lopez said the revenue totals were a company record.
"The continued growth of our recurring revenue stream makes a compelling argument for our ability to capture and retain business with our powerful intellectual property portfolio." Lopez said.
Shuffle Master distributes table game management equipment, such as automated card shufflers, and nontraditional table games, such as Let It Ride, Three Card Poker and Caribbean Stud Poker.
Company revenues rose from its line of electronic table games, which have been classified as slot machines in some gambling markets that don't allow live table games.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
