SHFL Entertainment today announced total revenue in 2012 increased 14 percent year-on-year to a record $259m and fourth quarter revenue was up 12 percent year-on-year $73.6m, another company record.
Gavin Isaacs, SHFL Entertainment CEO, said, ?All but one of our product categories witnessed double digit revenue growth; that?s impressive in any environment, and especially in this one. As we communicated throughout the year, we have been and intend to continue to invest in our business and look forward to reaping the benefits in the future.?
The year-on-year increase was fueled by increased sales of its electronic shufflers, table games and slot machines, in addition to the establishment of the company?s new international operations.
Strong growth in recurring and sales revenue led to gross margin increasing 110 basis points year-on-year to 64 percent. Excluding the impact of $2.2m due diligence expenses associated with the company?s terminated acquisition of Ongame, operating margin was 22 percent for the fiscal year.
Expenses increased $2.9m year-on-year to $21.4m, predominantly related to marketing costs associated with the company?s re-branding and R&D costs, largely due to development costs associated with the SHFL iGaming content delivery platform, online versions of its proprietary table games and new title development for the Equinox cabinet.
?Entering the new fiscal year, we believe we are well-positioned for sustainable growth as we benefit from continued MD3 card shuffler placements, global expansion of our slot machine business, improved e-Table offerings, and meaningful opportunities created from the power of our specialty table game brands, both in brick and mortar casinos and online casinos,? added Issacs.
During the 2012 fourth quarter, total Utility recurring revenue grew 8 percent to $13.8m, driven mainly by the company?s upgrade initiative and new casino openings in the US, resulting in increased MD3, iDeal and Deckmate card shuffler lease placements.
Strong recurring revenue growth, partially offset by a decrease in sales revenue, drove growth during the quarter. The leased installed base of 8,285 shufflers at the end of the quarter represented a 9 percent year-on-year increase and the MD3 total installed base increased by 361 units in the quarter to 1,742.
Proprietary Table Games revenue was up 14 percent year-on-year to $12.6m during the fourth quarter. The progressive installed base increased by 333 units year-on-year to 1,193 units overall. Placements of Three Card Poker Progressive, Fortune Pai Gow Poker Progressive and Ultimate Texas Hold?em Progressive drove installs.
Electronic Table Systems revenue grew 33 percent year-on-year to $4.9m, due to strong participation revenue from Table Master and Vegas Star. Electronic Gaming Machines revenue grew 6 percent year-on-year to $24.9m, primarily driven by sales related to the Equinox Super Top Box, the new slot title The Flintstones in Australia, as well as sales of 88 Fortunes in Asia.
?We reported another very strong quarter and year both operationally and financially as we continue to develop and deliver compelling products to the industry,? remarked Linster Fox, SHFL Entertainment CFO, ?With no debt on our revolving line of credit and inventory turns at the highest they?ve ever been, our optimization of working capital helps us fuel growth and create shareholder value.?
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SHFL Entertainment is a leading global gaming supplier committed to making gaming more fun for players and more profitable for operators through product innovation, and superior quality and service.
The company operates in legalized gaming markets across the globe and provides state-of-the-art, value-add products in the five distinct categories utility products, proprietary table games, electronic table systems, electronic gaming machines, and newly introduced iGaming.
More Information
Website: SHFL.com
Facebook: Facebook.com/SHFLentertainment
Twitter: @SHFLent
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