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SHFL Entertainment Profit Rises, But Misses Estimate - Update

Gaming device maker SHFL entertainment, Inc. (SHFL: Quote) Monday reported an eleven percent rise in fourth-quarter profit, due mainly to increased revenues across core business segments. However, the company's quarterly earnings missed Street estimates, while revenues topped forecast.

Moving ahead, the company said it is poised for sustainable growth as it benefits from continued MD3 card shuffler placements, global expansion of slot machine business, improved e-Table offerings, among other factors.

SHFL entertainment makes gaming devices, and operates inter-casino linked systems and slot routes. The Las Vegas-based company reported fourth-quarter net income of $10.8 million or $0.19 per share, compared with $9.7 million or $0.18 per share a year ago.

On average, six analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter increased 12 percent to $73.6 million from $65.7 million in the prior year. Analysts expected revenues of $68.48 million for the quarter.

Among segments, Proprietary Table Games revenue jumped 23 percent from last year and Electronic Table Games was up 37 percent. Utility revenue climbed 5 percent and Electronic Gaming Machines 6 percent.

Gross margin for the quarter improved to 63.6 percent from 62.5 percent a year earlier.

Shares of the company closed Monday at $13.25, up 1.38%, on the Nasdaq. In after hours, the stock dropped 0.15%.

by RTT Staff Writer

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