Chartwell Announces Financial Results
Chartwell Technology Inc. announces unaudited financial results for the three and nine months ended July 31, 2005.
Highlights of the quarter included revenue growth of 25.3%, EBITDA (earnings before interest, taxes, depreciation and amortization) of $1,180K and an eleventh consecutive quarter of profitability.
Don Gleason, Chief Financial Officer, said: “I am pleased to announce another solid quarter of results. Despite increased operating expenses associated with the acquisition of Micropower Corporation and a weakening in foreign currency markets resulting in a foreign exchange loss, we were able to deliver another quarter of profitable growth. For the remainder of the year we will maintain our focus on profitability, diversifying our revenue and investing in key areas of our business.”
Compared to the same nine month period of 2004, total revenue increased by 51.5%, software license fees increased by 52.9%, EBITDA increased by 72.0%, operating margins increased to 37.9%, net income increased by 23.0% and earnings per share diluted remained constant at $0.16.
Chartwell’s Board of Directors also authorized the Company to make a normal course issuer bid. Purchases under the bid may commence following receipt of regulatory approvals and will terminate within one year after commencement.