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Shuffle Master posts 56% leap in 3Q profit, beats analysts’ estimates

Newsdesk by Newsdesk
Fri 2 Sep 2011 at 04:10
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Shares of Shuffle Master Inc. gained in Thursday trading on Wall Street after the gaming technology supplier posted a 56% leap in third-quarter profit, beating analyst expectations.

The Las Vegas-based company earned US$9.1 million, or 17 cents per share, ahead of the 15 cents per share projected by the analysts. Revenue went up by 13% to US$58.3 million. Shuffle Master added that the rise applied to most of its product lines. Strong sales of its recently-launched Equinox slots cabinets and games helped boost results. The company makes a wide range of casino products including its eponymous secure card shufflers and electronic table games.

The company and analysts pointed to 11% growth in recurring revenue as a highlight of the figures. A key aim identified by management is to shift the company toward a leased-based revenue model on many of its products to provide solid and sustainable revenue growth in future reporting periods.

 

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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