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Non-Tech : Shuffle Master, Inc. (SHFL)
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To: Tony van Werkhooven who wrote (134)3/12/1999 1:15:00 PM
From: Ron Bower   of 230
 
Tony

I feel my optimism is based on company, the pessimism from those that bought at higher prices expecting a quick return.

This is a developing company and I don't think it will show huge growth, but it should show grow with some very solid and consistent numbers. They transitioned from selling the shuffler units to leasing- from quick profit turnover to 'recurring income'. If you eliminate the shuffler units sold the last Q compared to a year ago and just measure recurring income - over 18% year to year revenue growth. And that income will be ther next Q, and the next, and the next,... Growing with each unit put out on lease.

It's the same with their games as long as the games are successful.

I have seen the shufflers and feel that is the area with the greatest growth potential. Casinos are interested in anything that increases the number of hands played per hour and eliminating the shuffle adds at least 10%, possibly as much as 20% depending on the dealer skill and high quality dealers are harder to come by than they used to be.

BUT- they must get the cost of the machines down. As I understand it, they cost around $4000. I've seen them and the cost shouldn't be $1000 even in low quantities. Maybe they should be looking to Mexico or Asia. I can quickly name 6-8 companies that could make the units much cheaper and probably higher quality.

JMHO,
Ron
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