Profit And Revenues Up At Cryptologic
Published: Friday, August 05, 2005 Online-Casinos.com
PROFIT AND REVENUES UP AT CRYPTOLOGIC
Performance better than analysts' predictions
Gambling software developer and turnkey provider CryptoLogic Inc. has reported higher profits and revenues for the latest quarter.
The company reported that it had earned US$4.7 million for the quarter ended June 30. That compared with a profit of $3.2 million for the same 2004 period. The results exceeded analysts' performance predictions.
Quarterly revenue grew 33 per cent to $19.9 million from $14.9 million, Cryptologic said. This was despite a traditionally softer seasonal period for online gaming, as it grew internally from existing customers in the company's primary Internet casino and Internet poker markets.
"CryptoLogic continues to benefit from both the right products and the right strategy," Lewis Rose, CryptoLogic's president and CEO, said. "That's why we're achieving positive returns through solid casino performance and 17 per cent sequential quarterly growth in poker, well ahead of the Internet poker industry."
Looking ahead, the company said it expects third quarter revenue to range between $19.4 million to $19.7 million, with earnings of between $4.5 million and $4.7 million.
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