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31 July
2008 CryptoLogic
Provides Trading Update CryptoLogic,
a games developer to the Online
Casinos
industry, has announced that due principally to
seasonality and the effect of the Euro 2008
football championships, the company expects its
revenue for the second quarter of 2008 to be lower
than the level achieved in the first quarter of
this year, but modestly higher than in the same
period in 2007. The company noted
that its success in signing five new customers in
the second quarter enhances its outlook for the
second half of 2008. The company also
expects to report higher-than-normal operating,
general and administrative expenses. These higher
costs include development consulting expenses that
will accelerate both product development and the
launching of sites for new customers, and an
expenditure to protect the company's intellectual
property. CryptoLogic expects to recover this
IP-related cost in the future. Professional fees
paid in the quarter are also expected to be higher
than planned. The unusual effect of these factors
will result in a modest operating loss, the amount
of which will be released on August 8. CryptoLogic
management continues to believe the company is on
track for significant growth later in 2008 and in
2009. |
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