The turnkey online casino software provider announced the third consecutive year of profitability, characterized by a 46% increse in revenues up to $17.8 million and a 77% rise in profit before tax up to $6.4 million.
Software license fees increased 45% to $16.4 million, represening 92% of total revenue in fiscal 2005.
Chartwell remained debt-free and increased its working capital to $20.9 million from $10.5 million a year before.
“Fiscal 2005 was a year of significant growth for Chartwell, both financially and operationally,” said Don Gleason, Chartwell CFO.
“Financially, we achieved record revenue, maintained quarterly profitability, increased our EBITDA and operating margins, strengthened our balance sheet and increased our working capital. Operationally, we extended the capabilities of our product development, deployment and support teams through a staged investment program which included the acquisition of Micropower Corporation. These investments are essential to enabling the Company to drive continued growth in the expanding market for our products,” he added.
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