Yahoo Finance SHFL Entertainment 2Q income rises 22 percent
SHFL Entertainment 2nd-quarter net income grows 22 percent on stronger gaming machine sales
LAS VEGAS (AP) -- SHFL Entertainment Inc. said Tuesday its net income climbed 22 percent in the fiscal second quarter on stronger sales of electronic gaming machines, especially in Asia and Australia.
SHFL, formerly Shuffle Master Inc., sells slot machines, card shufflers and other gambling supplies. It said sales of electronic gaming machines rose 16 percent to $25.7 million, and revenue from table games, proprietary games, and shufflers and other products all improved by smaller amounts. SHFL also announced a new relationship with Evolution Gaming, a Latvian company that offers video-streamed online games against live dealers.
The company said its income totaled $11.8 million, or 21 cents per share, for the quarter ended April 30. That's up from $9.7 million, or 17 cents per share, a year earlier. Its revenue rose 17 percent, to $77.4 million from $66.1 million.
Analysts were expecting net income of 20 cents per share and $71.6 million in revenue, according to FactSet.
The company said it sold 1,192 electronic gaming units during the quarter if removals of older devices are excluded. That's an increase of 14 percent from a year ago. SHFL said demand from Australia and Asia was particularly strong.
The company said Evolution Gaming will have the right to offer some of SHFL's specialty table games in its online casinos. SHFL and Evolution did not disclose financial terms.
SHFL Entertainment stock picked up 63 cents, or 3.6 percent, to $18 in aftermarket trading following the release of the earnings report. The shares fell 10 cents to $17.37 during the regular trading session.
