Online Casino Software Developer Shows Signs of Growth in Their Second Quarter

Published on: August 15, 2007 

One of the top online gambling software developers, Cryptologic Limited, has released its Q2, the three months ending June 30 2007, results to the public.  "CryptoLogic took major steps this quarter towards a return to growth and profitability - with an increase in operating revenue, and a decrease in operating costs," said Javaid Aziz, the companies President and CEO.

Cryptologic, although they faced an after-tax loss of $2.6 million, recorded this quarters revenue to be $16.2 million – up from last quarter.  And as Aziz stated, not only did their revenues increase but their operating and admin costs did decrease by $2.5 million from their first quarter’s level.  The main reason for the loss was due to the $4 million dollar relocating costs that the company underwent when they moved their headquarters form Canada to Ireland.  Without this expense and a few non-recurring tax impacts they would have experienced a $2.5 million profit for Q2.  

"Since December, CryptoLogic has launched 11 new customer sites, and we have four more in the pipeline - including two for Holland Casino, and one for World Poker Tour. With the confidence of huge global brands, good growth from our European base and encouraging progress in Asia, CryptoLogic's outlook improves every day."  Continues Aziz.  

All in all, Cryptologic has experienced a strong growth and if all goes according to plan, with the integration of the new customers, their ventures in Asia, their new headquarters which brings them closer to their key markets, with the ongoing launches of top quality games and the continuous growth in the online gaming in the market, they will continue to grow and increase their success.

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