Supplier reports earnings jump

Wednesday, May 28, 2003 | 9:32 a.m.

Shuffle Master Inc. reported increases in profit and revenue on strong sales of its core card shuffler business as well as new product offerings, the company said.

The casino equipment supplier said profit jumped 29 percent in the company's second fiscal quarter ended April 30, to $4 million.

The company earned 24 cents per share in the quarter, compared to 17 cents for the same quarter of last year, reflecting higher profits as well as a decrease in the number of outstanding shares.

Revenue for the quarter increased 21 percent, to $13.4 million.

Based on the results, Shuffle Master is for a second time increasing its earnings forecast for 2003 to a range of 95 to 98 cents per share. The company also expects continued 20 to 25 percent growth in earnings per share next year.

In February Shuffle Master increased its estimated earnings per share for 2003 to a range of 93 to 97 cents per share.

"Shuffle Master's ongoing commitment to diversifying its product offerings has once again resulted in impressive and balanced gains in all product categories," company Chairman and Chief Executive Officer Mark Yoseloff said.

New blackjack games at Arizona's tribal casinos increased card shuffler sales, and the company received approval for a slot machine upgrade kit in Nevada and Arizona during the quarter, Yoseloff said.