C h a r t w e l l T e c h n o l o g y I n c .
CHARTWELL TECHNOLOGY ANNOUNCES SECOND QUARTER RESULTS
Chartwell Technology Inc. CWH
Calgary, Canada June 29, 2001, Chartwell Technology Inc. (CDNX: CWH.V) a leading provider of interactive media and information systems for companies engaged in the Internet gaming industry, announces results for the three- and six- month periods ended April 30, 2001.
Revenues for the six-month period were $1,044,355, an increase of 125% over the corresponding period of the previous year. Second quarter revenues of $601,817 were a 36% increase over the preceding quarter. The majority of revenues were generated by our subsidiary company, Chartwell Games Corp. through software licensing and development fees. Second quarter expenses were $867,348 representing a decrease of 17% from the preceding quarter. The majority of these expenses related to research and development.
Chartwell posted a loss of $862,000 for the period compared with a loss of $1,034,912 in the corresponding period of the prior year. The quarterly loss of $265,531 was a 45% reduction of the loss in the preceding quarter. As in previous quarters, a significant portion of our loss for the period represents an investment in software development. Expenses related to software development are not capitalized. Working capital at the end of the period was $7,218,986.
“Our year on year and quarter on quarter revenue growth reflect the maturing of our business plan from the pure development phase to the commercial application and market development phases”, commented Darold H. Parken, President and CEO. “Although we are pleased with these numbers we remain keenly aware that near term profitability is our ultimate goal for the year”.
During the second quarter Chartwell continued its focus on product development together with an expansion of our marketing and market development efforts. During the quarter significant development advancements were made in version 3.0 of our Java Gaming software which has just been released and in our revolutionary new Flash Gaming software which will be released during the summer.
Our continued dedication to development, evidenced by our Flash and Java v3.0 Online Gaming software releases have reaffirmed our position as the leading supplier of in-browser software to the Internet gaming and entertainment industries.
Chartwell Technology Inc. specializes in the development of leading edge gaming applications and entertainment content for the Internet. Chartwell’s Java and Flash based software products and games are designed for deployment in gaming, entertainment, advertising and promotional applications. Chartwell’s team of highly trained professionals is committed to delivering the highest quality software and maintaining its leading edge through continuous development and unparalleled customer support.
Chartwell invites you to preview and play our games at: www.chartwelltechnology.com
For further information, please contact: Chartwell Technology Inc.
Darold H. Parken, President
(877) 261-6619 or (403) 261-6619
dhp@chartwelltechnology.com
David Bajwa, Investor Relations
(877) 669-4180 or (604) 669-4180
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein which are not historical
fact are forward-looking statements that are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed in
the forward-looking statements, including, but not limited to, certain delays
in testing and evaluation of products, regulation of the online gaming industry,
and other risks detailed from time to time in Chartwell's filings with the Securities
& Exchange Commission. We assume no responsibility for the accuracy and
completeness of these statements and are under no duty to update any of the
forward-looking statements contained herein to conform these statements to actual
results. This is not an offer to sell or a solicitation of an offer to purchase
any securities.