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CryptoLogic Doing Well In 2008

May 13, 2008

CryptoLogic Limited, one of the online casino and poker communities leading producer of software, has reported that a first quarter revenue of $19.3 million with a net earning of $609,000.  The company is seeing continued customer membership and revenue growth even though the rest of the casino world is having problems due to the economic slump the United States is experiencing.  CryptoLogic claims that the series of new games and customers have improved their overall outlook for the rest of 2008 and beyond.

The numbers are a reflection of the acceptance of a bunch of unique items that have been added to the company’s core business.  When the items are removed from consideration, the company still managed to net a revenue that grew 21% as compared to last year’s figures.  Some of the new growth is thanks to the offering of Marvel Super Heroes Spider-Man and Fantastic Four themed casino games.  They were also able to increase the number of licensees available to them.

"CryptoLogic is benefiting from a focused strategy of innovation, expansion, diversification and execution.  In the first quarter, CryptoLogic laid the foundations for future growth with investments in new games, new leadership and new partnerships with leading gaming and entertainment brands. That's why we are confident that CryptoLogic is on track for significant growth in 2008 and 2009," stated CryptoLogic’s President and CEO, Brian Hadfield.

Hadfield came to CryptoLogic in February as the the President and CEO.  He joined the team last year as a director and isa senior technology executive with years of internatl business management under his built.  He has been involved with companies such as Unisys Limited’s United Kingdom, Middle East, Africa and India operations.

In addition to the development of the Marvel Super Heroes games, CryptoLogic also introduced seven new exlusive caisno games that was highlighted by the first slot version of the popular Street Fighter II arcade game.  The earned the Gambling Online Magazine’s Top Casino Software Award for the third consecutive year in a row and it is based on the votes of the consumers who use this software, making it one of the industries highest honors.

CryptoLogic also improved their relationship with the World Poker Tour (WPT) which has allowed them to offer more casino games to the list they already offer, introduced Spanish and German language poker rooms, and extended their exclusive use of the CryptoLogic software until 2011.