Financial Improvements from CryptoLogic
August 13, 2009 (CAP Newswire) – As one of the five largest online gaming software providers in the world, CryptoLogic’s financial performance is closely watched by the industry. So, when the company reports a 21% increase in online casino revenue and a 70% jump in branded game revenue, it’s good news for more than just CryptoLogic.
The company credited these financial results, which were applicable for the second quarter of 2009 ending on June 30, on a new business strategy that reduced operating costs, as well as a favorable quarter-on-quarter performance in its Internet casino hosting business and growth in revenue from branded games launched by its partner operators.
The reported revenue of $10.1 million was unchanged from the first quarter of the year, though, and down from the same time last year. This is generally blamed on the global recession and the company’s loss of William Hill poker. Making this pill easier to swallow, however, was the news that the company was profitable in June, showing good signs for the future.
"The second quarter of 2009 marked a turning point for CryptoLogic, with significant growth in our two core businesses," said Brian Hadfield, CryptoLogic's President and CEO. "With a larger customer base and an aggressive rollout schedule for our new games, CryptoLogic now has the people, the products and the partners to deliver improved performance for our shareholders — in 2009 and beyond."
In addition, the company has just completed a strategic Internet poker integration with GTECH Corporation, which could lead to a profitable poker business in the near future.
To read the company’s news release with more details, click here.