LAS VEGAS, June 4, 2012 /PRNewswire/ -- Shuffle Master,
Inc. (NASDAQ Global Select Market: SHFL) ("Shuffle Master" or
the "Company") today announced its results for the second quarter
ended April 30, 2012.
(Logo: http://photos.prnewswire.com/prnh/20120304/AQ64113)
"We delivered our best quarterly revenue to date, driving 21%
earnings per share growth, or 43% excluding expenses incurred in
connection with the proposed acquisition of Ongame. The
second quarter yielded exceptional results from nearly every
product category, particularly our Utility and EGM segments, with
the MD3 shuffler and the Equinox cabinet driving overall segment
performance. Our specialty table games business grew an
impressive 13% year-over-year driven almost entirely by recurring
revenue. Our e-Table segment is in a period of transition and
remains a key area of focus for us. We believe that new
innovations, such as the i-Table Roulette and the new Multigame
enhancement for our Rapid Table Games, will help drive improved
performance," said Gavin Isaacs,
Chief Executive Officer of Shuffle Master. "We are confident that
our continued strong momentum across our core businesses and the
rollout of our interactive initiatives are key drivers of our
future earnings potential and will write the next chapter of our
profitable growth story."
Second Quarter 2012 Financial Highlights
- Total revenue increased year-over-year by 10% to $66.1 million, a quarterly record, due to strong
Utility and Electronic Gaming Machine ("EGM") performance as well
as lease, royalty and service revenue ("recurring revenue") growth
in the Company's Utility and Proprietary Table Games ("PTG")
segments.
- Total recurring revenue was up 11% year-over-year and totaled
$28.9 million.
- GAAP net income grew 23% year-over-year to $9.7 million.
- Diluted earnings per share ("EPS") grew 21% year-over-year to
$0.17, compared to $0.14 in the prior year period. Excluding
expenses incurred in connection with the proposed Ongame
acquisition, EPS was $0.20.
- Gross margin increased 400 basis points year-over-year to
approximately 64%, due primarily to increased segment margin
performance in the Utility, PTG and EGM segments.
- Operating income margin increased 200 basis points
year-over-year to 22%. Excluding expenses incurred in
connection with the proposed Ongame acquisition, operating margin
was 25% in the second quarter.
- Adjusted EBITDA was a quarterly record, totaling $23.7 million, up 25% from $19.0 million in the year-ago quarter.
- Selling, general and administrative ("SG&A") expenses
increased $2.7 million year-over-year
to $19.8 million for the quarter,
largely driven by $1.5 million of
expenses incurred in connection with the proposed Ongame
acquisition, in addition to the hiring of several executive level
positions during the 2011 fiscal year, the company filled the Chief
Executive Officer and General Counsel positions and hired a Chief
Strategy Officer. These positions, in addition to sales and profit
driven compensation expenses due to increased revenue compared to
the year-ago quarter, also largely contributed to the
increase.
- Net debt (total debt, less cash and cash equivalents) was
$0.3 million, as compared to
$17.1 million as of October 31, 2011.
- Free Cash Flow[1], a non-GAAP financial measure, was
$11.8 million, a decrease of 23%
year-over-year primarily due to an increase in cash taxes paid as
compared to the prior year period, in addition to an increase in
capital expenditures related to the Company's land purchase in
Las Vegas for a new consolidated
facility.
"Our balance sheet remains one of the strongest in the industry
– and our numbers confirm it," said Lin
Fox, Chief Financial Officer of Shuffle Master. "We
generated $20.6 million of operating cash flow in the six
month period ended April 30, 2012, ending the second quarter
of fiscal 2012 with net debt at virtually zero. We have the
financial flexibility we need to invest in the business and fund
compelling growth initiatives."
Second Quarter 2012 Business Segment
Highlights
Utility
- Total Utility recurring revenue of $13.3
million grew 12% year-over-year, driven primarily by
increased MD3™ shuffler leases in the
United States and Asia.
- Total Utility revenue grew 30% to a record $25.0 million, largely due to strong shuffler
sales as a result of several new casino openings in the U.S.,
growing the shuffler footprint on existing tables, and replacements
of previously sold shufflers in Asia.
- The Company achieved a record lease installed base of 8,261
shufflers, a 14% increase in units year-over-year.
Approximately 240 new leases were netted in the second
quarter.
- Gross margin increased year-over-year from 60% to approximately
65%, due primarily to the significant increase in total
revenue.
- The total MD3™ installed base grew to approximately 950 units,
of which 57% are units on lease.
Proprietary Table Games
- Total PTG recurring revenue for the second quarter increased
13% year-over-year to a record $11.8
million, primarily due to increased placements of premium
games Ultimate Texas Hold'em® and Mississippi Stud®, side bets
Fortune Pai Gow Poker and Fire Bet, and continued momentum in
progressive upgrades.
- Total PTG revenue increased by 13% year-over-year to
$11.9 million, driven by strong lease
placements across all PTG categories: premium, side bets and
progressives.
- Gross margin increased 240 basis points year-over-year to 82%
due to the overall increase in revenue.
- The progressive installed base totaled over 1,100 units, up 384
units from the year-ago quarter. Strong placements were fueled by
installs of Fortune Pai Gow Poker® Progressive, Three Card Poker
Progressive, and Ultimate Texas Hold'em® Progressive, and to a
lesser extent, new inter-casino progressive upgrades
("O-WAP").
Electronic Table Systems
- Total ETS recurring revenue of $3.7
million remained relatively flat year-over-year.
- Total ETS revenue for the quarter declined 42% year-over-year
to $6.9 million due to an 80%
decrease in sales revenue. The prior year period included
approximately $5.0 million in sales
of Vegas Star® and Rapid Table Games in Australia.
- Gross margin declined 190 basis points year-over-year to 39%,
driven by the significant reduction in sales revenue.
Electronic Gaming Machines
- Total EGM revenue grew 21% to $22.2
million compared to the prior year period, driven by the
continued success of the Equinox™ offerings.
- Gross margin grew 90 basis points year-over-year to 62% due to
the increase in units sold, as well as higher average sales
prices. The new Super Topbox games on the Equinox drove
higher average sales prices in the quarter.
- Total placements of 1,178 EGMs in the second quarter grew 22%
from the prior year period, driven by Equinox placements into
Australia, specifically
Victoria, and to a lesser extent
increased placements in Latin
America and Asia.
Further detail and analysis of the Company's financial results
for the second quarter ended April 30,
2012, is included in its Form 10-Q, which has been filed
with the Securities and Exchange Commission today, June 4, 2012.
Webcast & Conference Call Information
Company executives will provide additional perspective on the
Company's second quarter results during a conference call on
June 4, 2012 at 2:00 pm Pacific Time. Those interested in
participating in the call may do so by dialing (201) 689-8263 or
toll-free (877) 407-0792 and requesting Shuffle Master's Second
Quarter 2012 Conference Call. A hardcopy of the presentation
materials may be printed from the Shuffle Master, Inc. Investor
Relations website, http://ir.shufflemaster.com, shortly before the
start of the call. In conjunction with the call, a live audio
webcast and a Company slide presentation highlighting second
quarter performance may be accessed at
http://ir.shufflemaster.com. In order to access the live
audio webcast please allow at least 15 minutes before the start of
the call to visit Shuffle Master's Investor Relations website and
download/install any necessary audio/video software for the
webcast. Immediately following the call and through
July 4, 2012, a playback can be heard
24-hours a day by dialing (858) 384-5517 or toll-free (877)
870-5176; account number is 3055; conference I.D. number is 392994.
Highlights from the conference call can be
accessed on the Company's Investor Relations Twitter account,
www.twitter.com/shfl_news.
About Shuffle Master, Inc.
Shuffle Master, Inc. is a leading global gaming supplier
committed to making gaming more fun for players and more profitable
for operators through product innovation, and superior quality and
service. The Company operates in legalized gaming markets
across the globe and provides state-of-the-art, value-add products
in five distinct categories: Utility products, which include
automatic card shufflers and roulette chip sorters; Proprietary
Table Games, which includes live games, side bets and progressives;
Electronic Table Systems, which include various e-Table game
platforms; Electronic Gaming Machines, which include video slot
machines; and newly introduced iGaming, which features online
versions of Shuffle Master's table games, social gaming, and mobile
applications. The Company is included in the S&P Smallcap 600
Index. Information about the Company and its products can be
found on the Internet at www.shufflemaster.com, or on Facebook,
Twitter and YouTube.
Forward Looking Statements
This release contains forward-looking statements within the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. All statements included in this release other
than statements that are purely historical are forward-looking
statements. Forward-looking statements in this press release
include, without limitation: (a) the Company's ability to
successfully implement its strategic, growth, and operational
initiatives are subject to many factors, some of which are beyond
the Company's control; (b) the Company's belief that EPS and
Adjusted EBITDA are useful widely referenced performance measures
in the Company's industry and the Company's belief that references
to them are helpful to investors; (c) the Company's estimates of
diluted EPS and Adjusted EBITDA and the assumptions upon which they
are based; (d) the Company's belief that it will have suitable
investment opportunities in the future; (e) the Company's ability
to develop products that achieve commercial success in the very
competitive marketplace in which the Company operates; (f) the fact
that the Company competes in a single industry and is dependent on
the success of its customers and the risks that impact the
Company's customers, including a change in demand for gaming, a
downturn in general worldwide economic conditions, or the gaming
industry may adversely impact the Company or its results of
operations. The Company's beliefs, expectations, forecasts,
objectives, anticipations, intentions and strategies regarding the
future, including without limitation those concerning expected
operating results, revenues and earnings are not guarantees of
future performance and are subject to risks and uncertainties that
could cause actual results to differ materially from results
contemplated by the forward-looking statements, including but not
limited to: (a) unanticipated inability to accomplish the Company's
innovation objectives or unexpected factors that limit or eliminate
the Company's ability to implement its strategic and operational
plans or undertake or complete any of its growth initiatives
including the rollout of its interactive initiatives; (b)
inaccuracies in the Company's assumptions as to the financial
measures that investors use or the manner in which such financial
measures may be used by such investors; (c) reduced demand for or
increased competition with the Company's products that affects its
EPS and Adjusted EBITDA; (d) the Company's inability to target or
upon targeting, acquire, suitable investment opportunities that
will fund growth initiatives; (e) the Company's inability to
accurately gauge the commercial appeal of its products; and (f)
unexpected changes in the market and economic conditions and
reduced demand for or increased competition with the Company's
products. Additional information on risk factors that could
potentially affect the Company's financial results may be found in
documents filed by the Company with the Securities and Exchange
Commission, including the Company's current reports on Form 8-K,
quarterly reports on Form 10-Q and its latest annual report on Form
10-K, and are based on information available to the Company on the
date hereof. The Company does not intend, and assumes no
obligation, to update any forward-looking statements. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date of this press
release.
[1] Free Cash Flow is Adjusted EBITDA less capital expenditures
and cash paid for taxes.
SHUFFLE
MASTER, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(In
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenue:
|
|
|
|
|
|
|
|
|
Product
leases and royalties
|
$
26,947
|
|
$
24,264
|
|
$
52,900
|
|
$
47,840
|
|
Product
sales and service
|
39,107
|
|
35,619
|
|
69,207
|
|
55,858
|
|
|
Total
revenue
|
66,054
|
|
59,883
|
|
122,107
|
|
103,698
|
Costs
and expenses:
|
|
|
|
|
|
|
|
|
Cost of
leases and royalties
|
9,427
|
|
8,354
|
|
18,378
|
|
15,536
|
|
Cost of
sales and service
|
14,138
|
|
15,435
|
|
25,419
|
|
22,900
|
|
|
Gross
profit
|
42,489
|
|
36,094
|
|
78,310
|
|
65,262
|
|
Selling,
general and administrative
|
19,804
|
|
17,060
|
|
36,984
|
|
33,261
|
|
Research
and development
|
7,925
|
|
6,883
|
|
15,452
|
|
12,799
|
|
|
Total
costs and expenses
|
51,294
|
|
47,732
|
|
96,233
|
|
84,496
|
|
|
|
|
|
|
|
|
|
|
Income
from operations
|
14,760
|
|
12,151
|
|
25,874
|
|
19,202
|
|
|
|
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
174
|
|
126
|
|
313
|
|
252
|
|
Interest
expense
|
(378)
|
|
(671)
|
|
(855)
|
|
(1,372)
|
|
Other,
net
|
(146)
|
|
(1,118)
|
|
29
|
|
(961)
|
|
|
Total
other income (expense)
|
(350)
|
|
(1,663)
|
|
(513)
|
|
(2,081)
|
Income
before income taxes
|
14,410
|
|
10,488
|
|
25,361
|
|
17,121
|
Income
tax provision
|
4,675
|
|
2,542
|
|
7,977
|
|
4,371
|
Net
income
|
$
9,735
|
|
$
7,946
|
|
$
17,384
|
|
$
12,750
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share:
|
$
0.17
|
|
$
0.15
|
|
$
0.31
|
|
$
0.24
|
Diluted
earnings per share:
|
$
0.17
|
|
$
0.14
|
|
$
0.31
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
55,751
|
|
54,374
|
|
55,408
|
|
54,253
|
|
Diluted
|
56,653
|
|
55,010
|
|
56,154
|
|
54,953
|
SHUFFLE
MASTER, INC.
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(In
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
April
30,
2012
|
|
October
31,
2011
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
$22,964
|
|
$22,189
|
|
Accounts
receivable, net of allowance for bad debts of $465 and
$402
|
38,952
|
|
39,713
|
|
Investment
in sales-type leases and notes receivable, net of
allowance
|
|
|
|
|
for bad
debts of $26 and $44
|
5,753
|
|
5,006
|
|
Inventories
|
27,138
|
|
24,335
|
|
Prepaid
income taxes
|
6,654
|
|
3,279
|
|
Deferred
income taxes
|
4,935
|
|
4,911
|
|
Other
current assets
|
5,898
|
|
4,291
|
|
|
Total
current assets
|
112,294
|
|
103,724
|
Investment in sales-type leases and notes
receivable, net of current portion
|
|
|
|
and net
of allowance for bad debts of $2 and $5
|
4,857
|
|
3,704
|
Products leased and held for lease,
net
|
35,184
|
|
35,196
|
Property and equipment, net
|
15,155
|
|
12,849
|
Intangible assets, net
|
67,193
|
|
66,517
|
Goodwill
|
85,393
|
|
85,392
|
Deferred income taxes
|
2,850
|
|
3,038
|
Other
assets
|
2,490
|
|
2,467
|
Total
assets
|
$325,416
|
|
$312,887
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$4,415
|
|
$5,001
|
|
Accrued
liabilities and other current liabilities
|
19,887
|
|
21,135
|
|
Deferred
income taxes
|
89
|
|
96
|
|
Customer
deposits
|
3,333
|
|
3,407
|
|
Income tax
payable
|
4,218
|
|
2,595
|
|
Deferred
revenue
|
4,031
|
|
3,862
|
|
Current
portion of long-term debt
|
501
|
|
508
|
|
|
Total
current liabilities
|
36,474
|
|
36,604
|
Long-term debt, net of current
portion
|
22,750
|
|
38,757
|
Other
long-term liabilities
|
2,849
|
|
2,969
|
Deferred income taxes
|
2,549
|
|
942
|
|
|
Total
liabilities
|
64,622
|
|
79,272
|
Commitments and Contingencies
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Common
stock, $0.01 par value; 151,368 shares authorized;
|
|
|
|
|
|
55,698 and
54,196 shares issued and outstanding
|
557
|
|
542
|
|
Additional
paid-in capital
|
131,188
|
|
114,306
|
|
Retained
earnings
|
98,222
|
|
80,838
|
|
Accumulated other comprehensive
income
|
30,827
|
|
37,929
|
|
|
Total
shareholders' equity
|
260,794
|
|
233,615
|
Total
liabilities and shareholders' equity
|
$325,416
|
|
$312,887
|
SHUFFLE
MASTER, INC.
|
SUPPLEMENTAL DATA
|
(Unaudited, in thousands)
|
|
|
|
FINANCIAL DATA
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
April 30,
|
|
April 30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
Cash
Flow Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
provided by operating activities
|
$
4,161
|
|
$
8,223
|
|
$
20,604
|
|
$
16,510
|
|
|
|
|
|
|
|
|
Cash used
in investing activities:
|
|
|
|
|
|
|
|
Payments
for products leased and held for lease
|
$
(2,856)
|
|
$
(2,986)
|
|
$
(6,706)
|
|
$
(7,263)
|
Purchases
of property and equipment
|
(3,358)
|
|
(1,071)
|
|
(4,240)
|
|
(2,001)
|
Purchases
of intangible assets
|
(73)
|
|
(1,235)
|
|
(4,103)
|
|
(6,145)
|
Acquisition of business
|
-
|
|
-
|
|
(5,500)
|
|
(6,499)
|
Proceeds
from sale of leased assets
|
988
|
|
1,724
|
|
1,029
|
|
3,810
|
Proceeds
from sale of assets
|
-
|
|
29
|
|
-
|
|
76
|
Other
|
(236)
|
|
(225)
|
|
(454)
|
|
(446)
|
|
$
(5,535)
|
|
$
(3,764)
|
|
$
(19,974)
|
|
$
(18,468)
|
|
|
|
|
|
|
|
|
Cash
provided by (used in) financing activities
|
$
(2,429)
|
|
$
(5,663)
|
|
$
(695)
|
|
$
8,861
|
|
|
|
|
|
|
|
|
Free cash
flow (2)
|
$
11,758
|
|
$
15,367
|
|
$
19,443
|
|
$
11,886
|
|
|
|
|
|
|
|
|
Reconciliation of income from continuing
operations to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
9,735
|
|
$
7,946
|
|
$
17,384
|
|
$
12,750
|
Other
expense (income)
|
350
|
|
1,663
|
|
513
|
|
2,081
|
Share-based compensation
|
1,117
|
|
743
|
|
2,049
|
|
1,478
|
Income tax
provision
|
4,675
|
|
2,542
|
|
7,977
|
|
4,371
|
Depreciation and amortization
|
6,380
|
|
6,115
|
|
12,397
|
|
11,876
|
Ongame
acquisition related expenses
|
1,448
|
|
-
|
|
1,448
|
|
-
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (1)
|
$
23,705
|
|
$
19,009
|
|
$
41,768
|
|
$
32,556
|
|
|
|
|
|
|
|
|
1. Adjusted EBITDA is earnings before
other expense (income), provision for income taxes, depreciation
and amortization expense, and share-based compensation.
Adjusted EBITDA is presented exclusively as a supplemental
disclosure because management believes that it is a useful
performance measure and is widely used to measure performance, and
as a basis for valuation, within the Company's industry. Adjusted
EBITDA is not calculated in the same manner by all companies and,
accordingly, may not be an appropriate measure for
comparison. Management uses Adjusted EBITDA as a measure of
the operating performance and to compare the operating performance
with those of its competitors. The Company also presents
Adjusted EBITDA because it is used by some investors as a way to
measure a company's ability to incur and service debt, make capital
expenditures and meet working capital requirements. Gaming
equipment suppliers have historically reported Adjusted EBITDA as a
supplement to financial measures in accordance with U.S. generally
accepted accounting principles ("GAAP"). Adjusted EBITDA
should not be considered as an alternative to operating income
(loss), as an indicator of the Company's performance, as an
alternate to cash flows from operating activities, as a measure of
liquidity, or as an alternative to any other measure determined in
accordance with GAAP. Unlike net income (loss), Adjusted
EBITDA does not include depreciation and amortization or interest
expense and therefore does not reflect current or future capital
expenditures or the cost of capital. The Company compensates
for these limitations by using Adjusted EBITDA as only one of
several comparative tools, together with GAAP measurements, to
assist in the evaluation of operating performance. Such GAAP
measurements include operating income (loss), net income (loss),
cash flows from operations and cash flow data. The Company
has significant uses of cash flows, including capital expenditures,
interest payments, debt principal repayments, taxes and other
non-recurring charges, which are not reflected in Adjusted
EBITDA.
2. Free cash flow is Adjusted EBITDA
less capital expenditures and cash paid for taxes.
SHUFFLE
MASTER, INC.
|
BUSINESS SEGMENT DATA
|
(Unaudited, in thousands)
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
April
30,
|
|
April
30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Utility:
|
|
|
|
|
|
|
|
|
Revenue
|
$
24,990
|
|
$
19,172
|
|
$
44,606
|
|
$
36,533
|
|
Gross
profit
|
16,154
|
|
11,584
|
|
27,337
|
|
22,432
|
|
Gross
margin
|
64.6%
|
|
60.4%
|
|
61.3%
|
|
61.4%
|
|
|
|
|
|
|
|
|
|
|
Proprietary Table Games:
|
|
|
|
|
|
|
|
|
Revenue
|
$
11,954
|
|
$
10,546
|
|
$
25,629
|
|
$
21,772
|
|
Gross
profit
|
9,818
|
|
8,405
|
|
21,360
|
|
17,667
|
|
Gross
margin
|
82.1%
|
|
79.7%
|
|
83.3%
|
|
81.1%
|
|
|
|
|
|
|
|
|
|
|
Electronic Table Systems:
|
|
|
|
|
|
|
|
|
Revenue
|
$
6,866
|
|
$
11,797
|
|
$
15,130
|
|
$
19,928
|
|
Gross
profit
|
2,684
|
|
4,837
|
|
6,813
|
|
9,487
|
|
Gross
margin
|
39.1%
|
|
41.0%
|
|
45.0%
|
|
47.6%
|
|
|
|
|
|
|
|
|
|
|
Electronic Gaming Machines:
|
|
|
|
|
|
|
|
|
Revenue
|
$
22,244
|
|
$
18,368
|
|
$
36,742
|
|
$
25,465
|
|
Gross
profit
|
13,833
|
|
11,268
|
|
22,800
|
|
15,676
|
|
Gross
margin
|
62.2%
|
|
61.3%
|
|
62.1%
|
|
61.6%
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
Revenue
|
$
66,054
|
|
$
59,883
|
|
$
122,107
|
|
$
103,698
|
|
Gross
profit
|
42,489
|
|
36,094
|
|
78,310
|
|
65,262
|
|
Gross
margin
|
64.3%
|
|
60.3%
|
|
64.1%
|
|
62.9%
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
as a
percentage of total revenue
|
35.9%
|
|
31.7%
|
|
34.2%
|
|
31.4%
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
as a
percentage of total revenue
|
22.3%
|
|
20.3%
|
|
21.2%
|
|
18.5%
|
SOURCE Shuffle Master, Inc.