For this year\’s first nine months, the gaming software provider reported revenues for $13.9 million compared to $13.2 million for the same period a year earlier. Although new business represented a significant increase in revenue, total revenue overall increased by only 5% due to declines in revenue from Chartwell customers with exposure to the Italian market, where controversial legislation introduced by the Italian Government has limited access to the market for foreign gambling sites.
Net income was $1.1 million compared to $3.1 million for the first nine months of 2005. The principal causes for the reduction in net income are: a $1 million provision for a doubtful account taken in the second quarter of 2006, higher software development and higher administrative expenses.
In separate news, Playtech announced the signing of a license agreement with 1st Technology, a company which develops multimedia technology aimed at providing enhanced interactivity and optimized delivery of high quality multimedia information over telephone, cable and wireless internet.
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