LV firm sets quarterly earnings record

Tuesday, May 23, 2000 | 11:40 a.m.

Shuffle Master Inc. of Las Vegas announced net income of $2.2 million, or 29 cents per diluted share, for the quarter ending April 30. Net income rose 72 percent for the quarter, and represented a quarterly record for the company.

Shuffle Master revenues increased 38 percent for the quarter, to $9.6 million, another quarterly record for the company. Operating income increased 78 percent to $3.4 million.

On a per-share basis, net income increased 81 percent, the result of a 7 percent reduction in outstanding diluted shares from April 30, 1999.

The largest increase was posted in sales and service of card shufflers, a business line that posted $2.4 million in revenues on the quarter, an increase of $827,000, or 52 percent. Table game sales rose 31 percent to $3 million, while shuffler lease revenue increased 10 percent to $3.1 million. "Other" income increased $514,000 to $723,000, the result of Shuffle Master's granting a license to proprietary math technology for use in slot machines.

Shuffle Master produces a broad range of casino equipment, including card shufflers, table games and slot machines.