Las Vegas Sun

November 16, 2018

Currently: 66° — Complete forecast

Brief: Shuffle Master net rises

Revenue was flat at $7.2 million, compared with $7.3 million in the fiscal 1997 fourth quarter, the company said.

For fiscal 1998, the company said net income was $3.3 million, or 34 cents a share, compared with net of $5.1 million, or 47 cents a share, in fiscal 1997.

Fiscal 1998 net was impacted by a $2.65 million charge related to moving its Minneapolis offices to Las Vegas and the write-off of an older shuffler system due to the successful tests of a new product.

Full-year revenue slipped to $27.1 million from $28.7 million, the company said.

The company, which recently retained the investment banking firm CIBC Oppenheimer to explore strategic alternatives, said it is continuing its efforts to increase leasing rather than selling shuffler products.

Shuffle Master also said it bought back 2 million shares, or about 20 percent of the total outstanding, during fiscal 1998 at an average price of $7.97 a share.

The stock was quoted at $7.50, down 50 cents, in mid-day trading today.