Cryptologic Third Quarter Revenues Slide

The software industry in the world of online gambling is huge, and in many ways the industry is totally reliant on the innovations of these developers. It is an extremely competitive business to be in with this fast and expanding age of technology. One of those innovative and creative companies is Cryptologic now based in Ireland.

The firm has just released third quarter numbers that show revenue down by 32% to $9.95 million compared to $14.05 million a last year. A set back for the company for sure but this is accompany that has seen a few changes in it’s history before. Massive restructuring and a move from Canada to Ireland not that long ago have put the firm into a spin. Poker revenues are down everywhere so this is not the fault of management but more a state of the industry as a whole. This is the lowest per share value quoted on the London Stock Exchange for Cryptologic in fifty two weeks.

A company spokesperson commented, “Uncertain macroeconomic conditions and sluggish wagering activity contributed to a significant decline in wagering volumes in both casino and poker compared with the previous year. While the third quarter is traditionally the slowest season for Internet gaming, the seasonal up tick in demand normally seen in September was well below historic trends.”

CryptoLogic’s President and Chief Executive Officer, Brian Hadfield, was still optimistic saying, “Despite a disappointing third quarter, CryptoLogic’s business strategy is delivering tangible progress, albeit at a slower pace than anticipated. With a lower cost base, the largest customer roster in CryptoLogic’s history and our third consecutive quarter of increased revenue from branded games, we remain focused on executing our plan - and returning to profitability and long term growth.” CryptoLogic also made the point that there were positive results in it’s efforts to cut spending with their third quarter expenses at $13.09 million, down 38.2% from the comparable period in 2008 at $21.17 million.