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09 August
2008 CryptoLogic
Reports Q2 Results CryptoLogic
Limited,
a leading software developer to the
Online
Casino
market, has announced its financial results for the
three months ending June 30, 2008, posting modest
revenue growth over the same period a year
ago. The company noted
that its success in signing five new customers in
the quarter and two more today underpins its
positive outlook for 2008 and 2009. CryptoLogic grew
its revenue in the seasonally slow quarter to $16.8
million (Q2 2007: $16.2 million), driven by the
company's core European Casino
business. The result was achieved notwithstanding
the massive popularity of the Euro
2008
football championships, which reduced traffic on
licensees' online casino and Online
Poker Sites. The company
posted a reduced loss of $1.5 million (Q2 2007:
$2.6 million), or $0.10 per fully diluted share (Q2
2007: $0.19) . The second quarters of 2007 and 2008
produced the software provider's only quarterly
losses in recent years, reflecting significant
expenses in both periods. "While
seasonality made this a more challenging quarter,
at CryptoLogic we remain committed to our goals -
and confident in our growth," said Brian Hadfield,
CryptoLogic's President and CEO. "While modest
growth is encouraging, aggressive growth is our
goal. With an upgraded technology platform and five
new customers signed in the last quarter,
CryptoLogic's challenge is to execute with
excellence - and that should lead to significant
revenue and earnings growth from both Europe and
Asia." CryptoLogic
provide the Casino
Games for
numerous online casinos, including William
Hill Casino,
InterCasino,
and 888
Casino. |
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