Cryptologic Predicts Losses of $3.6 Million in Quarter

While long established online gambling software provider, Cryptologic (TSX:CRY) , was anticipating operating losses of $1 million to $1.5 million in the current quarter, the foreign exchange loss was expected to bring that number to $3.6 million due to what it called "the rapid and unexpected appreciation of the U.S. dollar against U.K. sterling and the euro in recent weeks and a delay in converting the funds into U.S. dollars."

The Dublin Ireland-based company has moved most of its cash and marketable securities into U.S. dollars, its reporting currency, to minimize the impact of further currency market volatility.

"While it is disappointing that financial market volatility will affect our third-quarter results, CryptoLogic has made good progress operationally with the launch of new products, improvements to our technology platform and seven new customer wins so far this year," stated CEO Brian Hadfield.

"With three new customer sites up and running in the third quarter, and two more slated to go live in the fourth, CryptoLogic continues to see a brighter outlook for 2009."

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Jagajeet Chiba, Gambling911.com