Butler National Corporation sees revenue increase of 16% in Q3
Butler has announced its third quarter 2023 financial results, where sports wagering in Kansas provides new revenue of $1.2m.
Butler National Corporation, an aircraft modification company and provider of gaming management services, has seen revenue rise to $20.5m for its third-quarter earnings. The third fiscal quarter ended January 31, 2023, has shown a 16% increase and a share price of 3¢ per share.
The increase in overall revenue reflects a rise of 25% in aerospace products revenue and an increase of 8% in professional services revenue. Third quarter 2023 net income was $2m compared to a net income of $2.7m in the third quarter of 2022.
Since sports wagering’s legalization in Kansas in September 2022, a new source of revenue has been added to Butler’s professional services and gaming segment. Butler initially opened a temporary physical sportsbook, in addition to its online offerings, and now has a permanent DraftKings branded sportsbook at Boot Hill Casino in Dodge City, KS.
The company’s wholly-owned subsidiary that manages Boot Hill Casino & Resort has also made sports wagering platform agreements with Bally’s Corporation and Golden Nugget Online Gaming.
Butler is positive about the remainder of 2023. Working with its contracted platform, Butler brought online sports wagering to Kansans on behalf of the Kansas Lottery. Revenue increased 8% for the three months ended January 31, 2023, to $9.6m. The increase, due to sportsbook revenue of $1.2m, is partially offset by a decrease in casino gaming revenue of $0.5m.
In the company’s professional services sector, operating income of $2.3m was reported in the three months ended January 31, 2023, compared to an operating income of $2.2m in the three months ended January 31, 2022.
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