CHARTWELL CONTINUES TO EXPAND EUROPEAN PRESENCE
CHARTWELL CONTINUES TO EXPAND EUROPEAN PRESENCE
Chartwell Technology Inc. CDNX: CWH
CHARTWELL REPORTS CONTINUED GROWTH IN 3RD QUARTER
Chartwell Technology Inc. TSX-VEN: CWH
Calgary, Canada September 10, 2002, Chartwell Technology Inc. (TSX-VEN: CWH) a leading provider of gaming and information systems for companies engaged in the Internet gaming industry, announces financial results for the third quarter and the nine months ended July 31, 2002.
Total revenue for the third quarter of 2002 increased 20% to $1,117,939 compared
to $928,663 in the same period of 2001. For the nine months ended July 31 2002,
the Company's total revenues increased 21% to $2,391,092 compared to $1,973,018
for the corresponding period of the previous year.
"Consistent with our business strategy, during the quarter the company
has continued to focus on attracting established gaming clients, primarily in
Europe", states Darold H. Parken, President and CEO of Chartwell. "
Steady growth in our market share and the recurring revenue component of our
total revenue has resulted in an average 30% quarter on quarter revenue growth
since entering the software development business. Our objective is to continue
this trend."
Expenses for the third quarter were $1,131,736 compared to $926,911 for the
corresponding period of the previous year. Expenses decreased $302,298 from
the previous quarter. For the nine months ended July 31 2002 expenses were $3,749,959
compared to $2,833,266 in the corresponding period in the previous year. This
increase is reflected in the continued development of our industry-leading choice
of gaming options including casino, bingo and poker room games, now available
in download, in-browser and wireless options giving an unprecedented level of
access flexibility while using a wide range of currencies and languages. Consistent
with our proactive expansion into new regulated markets, the Company has increased
its compliance expenditures for its certification in these regulated markets.
The loss for the quarter was $13,797 or $0.00 per share compared to $568,224
or $0.04 per share in the previous quarter. Working capital at the end of the
quarter was $6,159,960.
"We are seeing continued growth in Europe with the opportunity to break
into new verticals", states Darold H. Parken, "Poker, Bingo, and Wireless
gaming are all new opportunities for revenue growth, both within our existing
client base and with new licensees". "Our unique business model along
with our dedication to software development and un-paralleled customer support
enables our existing and future clients in Europe and other regulated markets
to depend upon us as a truly independent technology partner with no potential
conflict of interest".
About Chartwell Technology Inc. Chartwell Technology Inc. specializes in the
development of leading edge custom gaming applications and entertainment content
for the Internet and wireless platforms. Chartwell's Java and Flash based software
products and games are designed for deployment in gaming, entertainment, advertising
and promotional applications. Chartwell does not participate in the online gaming
business of its clients. Chartwell's team of highly trained professionals is
committed to delivering the highest quality software to fully empower its clients
and to maintain 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
info@chartwelltechnology.com
The TSX 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.