Remember that old novelty song about the Three Stooges called "The Curly Shuffle" and put out by a band called Jump 'n the Saddle? (I bet a few heads are nodding out there.) Well, I'd like to get in touch with the band members and suggest they do a happy, big-band tune entitled "The Shuffle Master Shuffle," because all the long-term shareholders in Shuffle Master (NASDAQ:SHFL) are probably in the mood for some swing dancing after the company's latest quarterly numbers.

The supplier of gambling-related products dealt another glittering earnings report. Revenues rose 50% for the second fiscal quarter to $20.2 million, compared to $13.5 million a year ago. Net income on a diluted basis was $0.21 per share ($5.3 million) against $0.16 per share ($4.0 million); that's better than 30% growth.

As I mentioned in a previous take lamenting that I currently don't participate in the company's prospects, Shuffle Master is an incredible company with stock that's unbelievably sexy -- as desirable as a centerfold from the pages of Playboy (NYSE:PLA). I'm not kidding; it has been such an attractive investment opportunity over the past few years. Plus, its peer group is still experiencing one heck of a hot run, with concerns such as International Game Technology (NYSE:IGT) and Ameristar Casinos (NASDAQ:ASCA) proving that the industry of chance is fueled by some powerful discretionary-disposing demographics.

Shuffle Master seems to be managing its assets quite well. Back in January it had divested itself of its slot machine segment, which was a great move. And looking at the reported cash and cash equivalents tells a wonderful tale. On Oct. 31, 2003, the company had approximately $2.7 million in easily accessible cash. As of April 30 that figure now stands at $57.5 million. Can I get a high five, please? Management expects diluted earnings for the year to fall in the range of $0.86 to $0.89 per share, and it believes fiscal 2005 will bring between $1.12 and $1.18 for every share.

The stock split not long ago, and although such an event oftentimes signals the possibility of a peak, I don't believe this to be the case. Shuffle Master is in growth mode. Period. It'll correct; it won't go up in a straight line. But over the long run, this is going to be a great investment. Of course, don't take my word for it -- perform your own Foolish due diligence.

Great margins, stellar returns, a terrific sector of the economy. I'm learning "The Shuffle Master Shuffle" as we speak.

Are you learning "The Shuffle Master Shuffle," too? Talk about it on the Shuffle Master discussion board.

Fool contributor Steven Mallas owns none of the companies mentioned.