Cryptologic First Quarter Profit Up 58 Percent
Published: Thursday, May 11, 2006 Online-Casinos.com
CRYPTOLOGIC FIRST QUARTER PROFIT UP 58 PERCENT
And Playboy joins the software club
Turnkey online casino and poker provider Cryptologic's investors have had a good week, with a 71 percent increase in dividends on a rising share price and the news that the companys first quarter profits have soared 58 percent to $7.7 million.
The company has also reported that its software has attracted more customers, including the famous brand Playboy, which is to use the gaming software on its new site.
"Our excellent results, progressive dividend records and positive business momentum are testaments to our disciplined business strategy and our commitment to enhancing shareholder value," CEO Lewis Rose commented.
The legendary adult magazine Playboy has signed up with Cryptologic in a three year deal that will launch Playboy-branded Internet casinos, providing electronic cash management, marketing support and customer support.
"The new site will leverage the global reach of this major media brand outside of the U.S. market," Rose said. "If Playboy also launches a poker site in the future, we will be the exclusive provider for that site as well."
Playboy plans to market the sites around the world, excluding the United States, where the regulatory environment for online gambling remains uncertain.
"When we set out to find a partner for a new Playboy-branded Internet casino, CryptoLogic software was a natural fit," Playboy chairman and CEO Christie Hefner said in a release.
Cryptologic revenue increased 33 percent to a record $27 million US - beating the company's forecast of $25.1 million to $25.5 million.
Last week shares strengthened on the news that Intercasino and Interpoker operator Overseas Internet Gaming Entertainment NV had signed up for a further term to 2012 with Cryptologic.
Netherlands-based Overseas Internet Gaming, which owns and operates games sites such as InterCasino and InterPoker, reaffirmed its agreement with CryptoLogic's licensing subsidiary, WagerLogic Ltd., until 2012. The good news was tempered with some bad, too as the firm acknowledged the loss of The Ritz Club London Online from its client list, responsible for generating some 2 percent of revenues.
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