UPDATE 2-Shuffle Master 1st qtr beats Street; shares up

Mon Mar 5, 2012 5:43pm EST

* Q1 EPS $0.14 vs est $0.11

* Q1 rev up 28 pct to $56.1 mln vs est $51.1 mln

* To buy Ongame Network for 19.5 mln euro

* Shares up 4 pct

March 5 (Reuters) - Casino-games maker Shuffle Master Inc's quarterly results trumped Wall Street estimates, as revenue from its electronic gaming machines doubled.

The company also said it agreed to buy online poker company Ongame Network Ltd from bwin.party Digital Entertainment Plc for 19.5 million euro in cash.

Shuffle Master said it may also pay up to 10 million euro in cash within five years of closing, contingent upon the commencement of legalized, real-money online poker in the United States.

The company expects to fund the deal with cash on hand or availability on its existing senior secured revolving credit facility.

First-quarter net income rose to $7.6 million, or 14 cents a share, from $4.8 million, or 9 cents a share, a year ago.

Revenue rose 28 percent to $56.1 million. Revenue from electronic gaming machines grew 104 percent to $14.5 million.

Analysts on average had expected earnings of 11 cents a share on revenue of $51.1 million, according to Thomson Reuters I/B/E/S.

Shares of the company, which have doubled in value since August 2011, were up 4 percent at $15.10 after the bell. They closed at $14.57 on Monday on the Nasdaq.

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