Cryptologic Reports Modest Revenue Growth for Second Quarter
CryptoLogic Limited, an Internet gaming software, today reported 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' Internet casino and 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."
