United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2002
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 0-20820
SHUFFLE MASTER, INC.
(Exact name of registrant as specified in its charter)
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Minnesota |
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41-1448495 |
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(State
or Other Jurisdiction |
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(IRS Employer Identification No.) |
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1106 Palms Airport Drive |
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NV |
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89119 |
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(Address of Principal Executive Offices) |
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(State) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (702) 897-7150
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
As of August 31, 2002, there were 17,468,465 shares of the Company’s $.01 par value common stock outstanding.
Part I – Financial Information
Item 1. Financial Statements
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(Unaudited) |
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July 31, |
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October 31, |
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2002 |
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2001 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,176 |
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$ |
3,082 |
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Investments |
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16,228 |
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15,621 |
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Accounts receivable, net |
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6,905 |
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5,419 |
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Current portion of note receivable from related party |
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— |
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17 |
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Inventories |
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5,563 |
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6,210 |
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Prepaid income taxes |
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5,302 |
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— |
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Deferred income taxes |
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473 |
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323 |
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Other current assets |
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695 |
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451 |
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Total current assets |
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38,342 |
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31,123 |
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Systems and equipment leased and held for lease, net |
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7,212 |
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8,646 |
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Property and equipment, net |
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2,322 |
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2,367 |
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Intangible assets, net |
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4,833 |
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5,487 |
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Goodwill |
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3,664 |
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3,258 |
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Non-current deferred income taxes |
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1,388 |
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984 |
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Long-term note receivable from related party |
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— |
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300 |
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Other assets |
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500 |
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234 |
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Total assets |
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$ |
58,261 |
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$ |
52,399 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
6,295 |
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$ |
5,681 |
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Accrued liabilities |
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2,127 |
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2,424 |
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Obligation to related party |
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— |
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97 |
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Customer deposits and unearned revenue |
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1,840 |
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2,120 |
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Income taxes payable |
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— |
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1,511 |
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Total current liabilities |
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10,262 |
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11,833 |
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Contingencies |
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Shareholders’ equity: |
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Common stock, $0.01 par value; 67,500 shares authorized; 17,468 and 17,609 shares issued and outstanding |
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175 |
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176 |
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Additional paid-in capital |
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4,043 |
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6,211 |
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Retained earnings |
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43,781 |
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34,179 |
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Total shareholders’ equity |
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47,999 |
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40,566 |
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Total liabilities and shareholders’ equity |
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$ |
58,261 |
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$ |
52,399 |
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See notes to unaudited consolidated financial statements
2
Shuffle Master, Inc.
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
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Quarter Ended |
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Nine Months Ended |
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July 31, |
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July 31, |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenue: |
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Shuffler lease |
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$ |
4,055 |
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$ |
4,063 |
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$ |
12,064 |
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$ |
12,015 |
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Shuffler sales and service |
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3,617 |
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2,794 |
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9,081 |
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9,646 |
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Table royalties |
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4,908 |
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3,897 |
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13,335 |
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11,042 |
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Table sales |
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558 |
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— |
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582 |
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73 |
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Slot royalties |
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1,641 |
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1,766 |
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4,970 |
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2,860 |
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Slot sales |
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341 |
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— |
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372 |
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189 |
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Other |
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19 |
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64 |
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77 |
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317 |
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Total revenue |
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15,139 |
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12,584 |
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40,481 |
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36,142 |
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