United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended July 31, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number: 0-20820 |
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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 |
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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.
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Yes ý |
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As of August 31, 2003, there were 16,575,561 shares of the Company’s $.01 par value common stock outstanding.
SHUFFLE MASTER, INC.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
SHUFFLE MASTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenue: |
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Shuffler lease |
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$ |
4,437 |
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$ |
4,055 |
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$ |
12,995 |
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$ |
12,064 |
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Shuffler sales and service |
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4,206 |
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3,617 |
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10,055 |
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9,081 |
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Table royalties |
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5,356 |
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4,908 |
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15,762 |
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13,335 |
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Table sales |
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1,365 |
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558 |
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1,791 |
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582 |
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Slot lease |
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1,828 |
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1,641 |
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5,521 |
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4,970 |
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Slot sales |
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214 |
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341 |
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1,647 |
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372 |
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Other |
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9 |
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19 |
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86 |
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77 |
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Total revenue |
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17,415 |
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15,139 |
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47,857 |
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40,481 |
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Costs and expenses: |
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Cost of leases and royalties |
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2,354 |
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2,040 |
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6,789 |
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6,747 |
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Cost of sales and service |
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1,599 |
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1,882 |
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4,333 |
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3,563 |
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Selling, general and administrative |
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4,423 |
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3,674 |
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12,785 |
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10,866 |
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Research and development |
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2,261 |
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1,707 |
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5,966 |
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5,119 |
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Total costs and expenses |
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10,637 |
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9,303 |
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29,873 |
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26,295 |
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Income from operations |
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6,778 |
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5,836 |
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17,984 |
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14,186 |
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Interest income, net |
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63 |
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155 |
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163 |
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473 |
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Income before income taxes |
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6,841 |
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5,991 |
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18,147 |
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14,659 |
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Provision for income taxes |
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2,213 |
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2,067 |
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6,170 |
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5,057 |
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Net income |
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$ |
4,628 |
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$ |
3,924 |
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$ |
11,977 |
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$ |
9,602 |
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Earnings per common share, basic |
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$ |
0.28 |
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$ |
0.22 |
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$ |
0.71 |
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$ |
0.54 |
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Earnings per common share, diluted |
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$ |
0.27 |
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$ |
0.22 |
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$ |
0.70 |
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$ |
0.52 |
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Weighted average common shares, basic |
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16,653 |
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17,797 |
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16,783 |
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17,787 |
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Weighted average common shares, diluted |
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17,181 |
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18,209 |
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17,226 |
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18,469 |
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See notes to unaudited condensed consolidated financial statements
1
SHUFFLE MASTER, INC.
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July 31, |
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October 31, |
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ASSETS |
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