Vol. 7 • No. 22 • June 15, 2009 - Print This Issue
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Vol. 7 • No. 22 • June 15, 2009, GOODS & SERVICES
Shuffle Master Profits Jump
The table game equipment supplier bucked the national economic crisis by logging a 50 percent rise in net income for the second quarter.
Table game equipment supplier Shuffle Master Inc. reported a 50 percent jump in net income for the second quarter, defying the national economic trend.
Shuffle Master reported net income of $4.57 million for the quarter that ended April 30, compared to $3.05 million for the same period a year ago. The profit rise occurred despite an 8 percent drop in revenues to $45.3 million, and despite payouts of $4.4 million to the company’s retired chief executive and one other senior manager.
“Shuffle Master had a decent second quarter given the magnitude of the economic climate, said CEO Tim Parrott, who took over earlier this year when longtime chairman Mark Yoseloff retired. “I’m very encouraged about our future based on what I’ve seen and heard spending time with our management team, employees, and customers.”
Although sales were down, Shuffle Master has cut costs and improved operational efficiencies to achieve the profit.
Shuffle Master reported net income of $4.57 million for the quarter that ended April 30, compared to $3.05 million for the same period a year ago. The profit rise occurred despite an 8 percent drop in revenues to $45.3 million, and despite payouts of $4.4 million to the company’s retired chief executive and one other senior manager.
“Shuffle Master had a decent second quarter given the magnitude of the economic climate, said CEO Tim Parrott, who took over earlier this year when longtime chairman Mark Yoseloff retired. “I’m very encouraged about our future based on what I’ve seen and heard spending time with our management team, employees, and customers.”
Although sales were down, Shuffle Master has cut costs and improved operational efficiencies to achieve the profit.
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