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13 May
2008 CryptoLogic
Builds Momentum In First Quarter Of 2008 CryptoLogic
have reported continued customer revenue growth and
profitability for the first quarter ending March
31, 2008, as well as a series of new
Online
Casino Games
and new customers that improve the company's
outlook for 2008 and beyond. CryptoLogic
posted first-quarter revenue of $19.3 million and
net earnings of $609,000, or $0.06 per fully
diluted share. These numbers reflect several unique
items amid a trend of continued growth in the
company's core business. Excluding the impact of
these items, the company grew its revenue by 21%
compared to the same period a year ago due to
strong casino growth from new offerings featuring
Marvel Super Heroes Spider-Man and the Fantastic
Four and an increased number of
licensees. "CryptoLogic is
benefiting from a focused strategy of innovation,
expansion, diversification and execution," said
Brian Hadfield, CryptoLogic's President and CEO.
"In the first quarter, CryptoLogic laid the
foundations for future growth with investments in
new games, new leadership and new partnerships with
leading gaming and entertainment brands. That's why
we are confident that CryptoLogic is on track for
significant growth in 2008 and 2009." CryptoLogic
continues to have a strong balance sheet, ending
the quarter with $81.0 million in net cash (as
defined below). This provides the company with the
resources and flexibility to enhance earnings
through investments in gaming innovations and
partnerships in key growth markets such as
Asia. Cryptologic power
many of the leading online casinos, including
William
Hill Casino. Where
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