Casino News: A Brilliant Performance From Cryptologic

A Brilliant Performance From Cryptologic

 February 18, 2007, 10:24 am (11 years ago)

Cryptologic, leading gaming software developer & turnkey provider has published its 2006 results that features eight new customer sites, 40 new games etc. Besides, several new acquisitions and excellent Asian expansion moves are also in the report.

The company revenue has increased up to 21 percent as well as company earnings. Revenue & earnings are published as $104.0 million and $24.8 million, respectively. There was a $1.81 earning increase per fully diluted share. It was 24 percent more than that of 2005. The company finished a successful year with a total cash turnover of $128.4 million.

Online gambling industry has certainly noticed a meaningful change following the impressive result by CryptoLogic. US anti-online gambling legislation and the actions taken by the US enforcement authorities have created a great influenced on US gambling market.

Though the company ensured that its licensees would not take wagers from the players based in US. But, there was certainly some impact of this event on the company's revenue and earnings. Fourth quarter of the year has experienced the impact, which is historically the strongest quarter of the year.

Before the imposition of new gambling law in US, the company already paid its attention to Europe. Therefore, the impact on CryptoLogic was less serious than other rival companies in the industry.

Lewis Rose, Cryptologic's President and CEO said that,” While 2006 was a challenging year for the industry, it was another record year for Cryptologic - and we enter 2007 with both focus and momentum".

He also added,"We've launched five new customer sites since December, and have three more in the queue - including two for Holland Casino, Cryptologic's first government-owned customer. With our largest licensees on long-term agreements, and modest revenue expected this year from our new Asian venture, Cryptologic is poised for long-term growth in the European markets of today - and the Asian markets of tomorrow."

CryptoLogic's quarter 4 2006 results were in line with the company's estimates for the quarter with $19.0 million of revenue and $1.7 million in earnings, or $0.12 per share. This calculation is done considering the cost for setting up CryptoLogic's new executive headquarters in Ireland.

Cryptologic has taken some significant steps observing the sudden change in the present industry trend since its last quarterly earnings report. Signing up new customers, developing a strategic acquisition, collaborating with new companies to launch a joint venture in Asia, getting an European government operator as a casino and poker licensee are some important actions taken by the company

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