Shuffle Master, Inc. Reports First Quarter 2010 Results
finance.yahoo.com
March 11, 2010
First Quarter 2010 Financial Highlights
* Revenue of $40.3 million increased by 17%, or $5.8 million, year-over-year from $34.5 million. Adjusted for foreign exchange impact, total revenue increased 9% year-over-year.
* Total lease, royalty and service revenue was up 11% year-over-year and 2% sequentially, and totaled $22.4 million, or 56% of total revenue.
* Gross margin increased 200 basis points to 62%.
* GAAP net income and diluted earnings per share ("EPS") increased to $3.7 million and $0.07, respectively, compared to a net loss of ($1.0) million and ($0.02) in the prior year period.
* Adjusted EBITDA totaled $12.7 million, up 39% from $9.1 million year-over-year.
* Selling, general and administrative ("SG&A") expenses decreased by $1.3 million to $14.4 million, or 8% year-over-year. Excluding the $2.4 million impact of severance charges in the prior year period SG&A expense increased by 8%, but as a percentage of revenue was 36% as compared to 38% in the year-ago quarter. Foreign exchange negatively impacted SG&A expense by approximately $1.0 million.
* Net debt (total debt, less cash and cash equivalents) was $79.3 million as compared to $85.4 million as of October 31, 2009. |
