Wednesday, Sept. 9, 2009 | 4:50 p.m.
Shuffle Master saw its cost-cutting efforts pay off as the company today reported an 87 percent increase in profits for the third quarter.
Net income for the Las Vegas-based gaming manufacturer reported a net income of $5.6 million, or 10 cents a share, versus $3 million, or 8 cents a share, during the same quarter of 2008.
Revenue for the quarter fell 9 percent from $49.5 million to $45.1 million during the year-over-year period. Expenses fell 14 percent to $36.4 million.
“We are continuing to see the real impact on our bottom line of specific cost containment measures initiated earlier this year and are confident that regional expansions, new openings in Asia, increased momentum in the shuffler replacement cycle and the i-Table rollout this fall are all milestones on the path toward future top line improvements as well,” Shuffle Master chief executive Tim Parrott said.
Parrott joined the company this past March following the retirement of Mark Yoseloff.
Shuffle Master shares rose 35 cents, or 4.5 percent, to $8.04 during after hours trading.
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