Thursday, March 12, 2009 | 6:55 p.m.
Shuffle Master Inc. of Las Vegas, a gaming industry supplier, today said its loss narrowed for the first quarter ended Jan. 31.
The company lost $973,000 or 2 cents per share vs. a loss in the year-ago quarter of $1.8 million or 5 cents per share. Revenue fell from $37.9 million to $34.5 million.
Shuffle Master said the 2009 quarter results include an unusual expense of 3 cents per share for severance costs paid to two departing executives, and a special gain of $163,000 for the early retirement of debt. Shuffle Master said the recession that is hurting the casino industry represents both a challenge and an opportunity for the company.
"These economic conditions may cause both our domestic and international clients to decrease their expenditures on gaming equipment and our financial condition, results of operations and stock price may be negatively affected thereby,’’ Shuffle Master said in a regulatory filing. "We (also) believe that our products provide cost advantages for casino operators and that demand for our products may be enhanced by the need for our customers to reduce their operating costs.’’
Shuffle Master products include automatic card shufflers, roulette chip sorters, table games and slot machines.
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