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Chartwell recieved bad news after revealing the financial results

Chartwell Technology Incorporated, a software developer from Canada revealed some bad news for the company after comparing the newly released second quarter financial result with the one from last year. The results show that Chartwell suffered a 22% decrease in revenues to $2.4 million (£1.52m).

The 2nd quarter ended in April 30th, Chartwell said, but after that, Chartwell gained a 9% increase in revenues thanks to their hard work close with licenses for new revenue opportunities and their new games that were released in 2011 which succeeded in increasing popularity.

Chartwell’s financial earnings before the tax were £2.59 meant that it was comparable to last year’s result, but this is because Chartwell started a cost reduction plan for the 3 month period.

The Net loss results showed a £1.31 million when last year showed £0.55 million during the same time, however operational cashflow increased by 349% to £1.13 million over last year.

It’s no surprise that after those results that the only way that Chartwell would survive was to reduce their stuff. The majority of the staff loss came from the software department and the support expense groups.

Chartwell already informed the investors that it had £8.46 million in unrestricted and short term profits while it had £16.9 million in October 2010.

Aan  Richter, Chartwell’s Chief Executive Officer stated that “Chartwell is gradually replacing revenues lost late in the previous year and is doing so through an invigorated and concentrated casino software suite.”

“Combined with significant cost reductions, new licensees pending launch and our existing sales pipeline, we are well on our way to returning to profitability.

“As we move closer to our planned merger with Amaya Gaming Group Incorporated, which is due to close in July, we are excited about the potential synergies of the business combination for our shareholders. There will be a good revenue mix between land-based and online business for the combined entity moving forward. Our games and platform will be instrumental in rolling out the many exclusive government-licensed businesses that Amaya has secured to date. This business-to-government business nicely compliments our ongoing business-to-business business and diversifies our future revenue streams and growth prospects.

“We ask shareholders to carefully review the information circular which will be delivered next week. We encourage shareholders to understand the available options, to make their selection by July 5 and to vote positively in support of the transaction.”

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