Shuffle Master 2Q profit surges 50 percent

By Associated Press
June 9, 2009 | Comments (0)

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Casino equipment maker Shuffle Master Inc. said Tuesday its fiscal second-quarter rose 50 percent, ahead of expectations, as cost cuts offset a decline in sales.

Profit for the quarter ended April 30 rose to $4.6 million, or 9 cents per share, from $3 million, or 9 cents per share last year. The number of weighted average shares outstanding increased 53 percent to 53.1 million.

Excluding a charge of 5 cents per share for severance charges, a 2 cents per share benefit from debt extinguishment and a 2 cents per share tax benefit, net income was 10 cents per share.

Revenue fell nearly 8 percent to $45.3 million from $49 million last year.

Analysts polled by Thomson Reuters, on average, predicted a profit of 4 cents per share on revenue of $43 million.

Shares rose 12 cents, or 2.7 percent, to close at $4.61.

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