SHFL Entertainment's 4Q earnings climb 11 pct
LAS VEGAS (AP) — SHFL Entertainment Inc. raked in a higher fourth-quarter profit as casinos bought more of its slot machines, card shufflers and other gambling supplies.
The company said Monday that it earned $10.8 million, or 19 cents per share, during the fiscal quarter spanning from August through October. That represented an 11 percent increase from net income of $9.7 million, or 18 cents per share, at the same time last year.
The company was formerly known as Shuffle Master Inc. Results from the latest quarter include about $1 million in one-time expenses for the name change and setup costs associated with its new operations in Gibraltar and Latin America.
Analysts surveyed by FactSet had projected adjusted earnings of 20 cents per share.
Revenue rose 12 percent from last year to $73.6 million — about $4 million more than analysts had forecast.
SHFL's stock dipped 11 cents to $13.18 in extended trading after the results came out.
The fourth quarter's biggest gains came in SHFL's electronic table systems division, which posted a 37 percent increase in revenue from last year. SHFL, which is based in Las Vegas, said the growth was propelled by sales of its "Vegas Star Widescreen" systems in Australia.
For the full fiscal year, though, the electronic table systems line was the only one of SHFL's four product division that didn't record revenue growth of at least 10 percent from 2011.
"That's impressive in any environment, and especially in this one," SHFL CEO Gavin Isaacs said in a statement.
Isaacs predicted SHFL's products will win over more customers next year to catapult the company to "sustainable growth."
For the entire fiscal year, SHFL earned $38.7 million, or 68 cents per share, on revenue of $259 million. That marked an improvement from earnings of $31.6 million, or 57 cents per share, on revenue of $228 million last year.