Shuffle Master's (NASDAQ: SHFL) shares are up over 12% at the time of this writing in Monday's after-hour sessions on earnings news. Revenues for the supplier to the casino industry increased 10% to $49 million in the second quarter. Earnings per diluted share from continuing operations improved dramatically to $0.09 versus a net loss of $0.05 per diluted share. This was enough to best Wall Street analysts and their expectations game by two pennies, according to Briefing.com.

Cash flow from operations also improved, rising nearly 50% to $15.2 million. Other positive elements include a stable gross margin, a decline in operating expenses on a sequential basis, and improved contribution from the Stargames asset. Shuffle Master did seem to shine in the quarter on a relative basis.

But any investor out there thinking that this stock is a buy now needs to do a lot of due diligence. Granted, I'm intrigued by the recent price action of Shuffle Master's stock. The shares closed on Monday at $6.24, a level that indicates some momentum since the 52-week low is $4.50. And with the stock trading at $7 as I write, I do wonder about the potential for appreciation here. However, I'm not buying. Shuffle Master is still trying to turn itself around, and it isn't the growth stock it once was. My gut might feel a little more bullish over the company, but it still remembers the empathetic nausea it felt for those shareholders who watched the stock drop like a knife from over $18 to the aforementioned low of the year. Gambling will be a hot sector over time, but I see no reason to rush into Shuffle Master.

Disclosure: I don't own shares in any company mentioned; positions can change at any time.