CryptoLogic Anticipates $3.6 Mill Forex Hit
Published: Monday, September 22, 2008 Online-Casinos.com
CRYPTOLOGIC ANTICIPATING $3.6 MILLION FOREX HIT
Modest reduction in Q3 operating loss expected
In a trading update this week, the Dublin-based online gambling software developer Cryptologic reports that it expects a third-quarter operating loss of between $1.0 and $1.5 million, a modest improvement from the previous quarter, but cautioned that it additionally anticipates a significant $3.6 million hit from adverse dollar rate movement.
The update claims that Cryptologic has since moved substantially all of its cash and marketable securities into its reporting currency, the U.S. dollar, to minimize the impact of further currency market volatility.
The company also said quarterly revenue to date has been in line with seasonal trends and current market expectations and added it has made good progress operationally.
"With three new customer sites up and running in the third quarter - and two more slated to go 'live' in the fourth - CryptoLogic continues to see a brighter outlook for 2009," said chief executive Brian Hadfield.
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