Cryptologic Online Gambling Software Reports First Quarter Drop

Published Sunday, May 09, 2010 -

Cryptologic is a leader in innovative online gambling software and has a many noteworthy games to it's credit. The originally Canadian firm now headquartered in Ireland has reported it will show a lack lustre first quarter return in 2010. Better returns from branded games and marked savings in costs was the saving grace in the financial performance record.

Following the first quarter results comes the announcement that Huw Spiers will be the new Chief Financial Officer for Cryptologic. Spiers takes over from Stephen Taylor, who for five years has been in Ireland and will return to Canada in August. The company's financial summary revealed that the decrease in revenue was a reflection of slow wagering activity and a reduced contribution from a key customer. Operating expenses, plus general and administrative expenses were reduced significantly offsetting the losses in revenue and creating projected gains in the near future.

President and Chief Executive Officer of Cryptologic, Brian Hadfield, commented, "While subdued wagering activity impacted our revenues in the first quarter, the outlook for 2010 as a whole remains encouraging. Operating costs have declined further while our revenue base is showing signs of improvement in the second quarter." He added, " The start of the World Cup soccer tournament in June provides short term uncertainty, however with a strong backlog of new business we expect our results to improve gradually as the year unfolds. As would be expected, the company continues to assess its revenue streams, costs, and strategic direction as it moves towards profitability." On the addition of Mr. Spiers and his 20 years of experience to Cryptologic's team Hadfield said, "First, I would like to thank Stephen for his commitment and dedication to CryptoLogic, in particular during it's move to Ireland, and for assisting in implementing the management's restructuring programme. We wish him and his family all the best for the future." "I would also like to welcome Huw Spiers, who brings extensive management experience and a background from the high growth technology sector. His appointment will help to revitalise the Company's management team following a period of radical change and we look forward to his contribution with much anticipation."

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