Cryptologic reports another good quarter
May 16, 2005
One of the online gambling industry's top turnkey providers, CryptoLogic
Inc., reports this week that its first-quarter earnings have jumped
to US$4.8 million, from US$3.8 million a year earlier, as revenue
rose 33 per cent.
Earnings for the quarter ended March 31 amounted to 34 cents a share,
diluted, compared with 28 cents per share a year ago, the Toronto-based
company revealed.
Record revenue, strong earnings and positive operating cash flow
generation reflected continued growth in the company's primary Internet
casino and poker markets.
Revenue increased to $20.3 million from $15.2 million.
Internet poker fees derived from the WagerLogic subsidiary rose
by more than 200 percent over Q1 2004, and accounted for over 25
percent of Q1 2005 revenue. The central poker room shared by WagerLogic
licensees now attracts more than 6,000 simultaneous live online
players, and is one of the world's top five revenue generating poker
sites on the Internet
The company predicted continued growth in Internet casino and poker
markets, and says that the Internet poker industry continues to
enjoy strong momentum, with growth forecasts of more than 100 percent
for 2005 (source: Global Betting & Gaming Consultants).
WagerLogic's new six-seat poker tournament feature, which is branded
SIXPAK, was a contributing factor to the quarter's growth. The software
delivers "final-table" action throughout an entire tournament
event and expands licensees' tournament offerings to their players.
"CryptoLogic is clearly benefiting from its investment
in growth and we will continue to invest in order to maximize returns
at this exciting time in our industry. The landmark legislation
to regulate Internet gaming in the U.K. for the first time is further
evidence of the global potential and growing acceptance that this
industry is here to stay," CEO Lewis Rose said.
CryptoLogic is making further enhancements directed at the key areas
of its business--its casino and poker software offerings, system
infrastructure and scalability, and back-office and customer care.
The company report also revealed a move to new office premises this
year to accommodate the growing head count.
InfoPowa News
|
