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CryptoLogic first quarter results fail to impress

Fri, 07 May 2010 09:19:00 +0100

Internet casino and gaming software specialist CryptoLogic (AIM:CRP) fell 12% this morning after the company released first quarter results (3 months to March 31).

First quarter revenues fell to US$7.6 million from $9.9 million in the previous quarter, which CryptoLogic blamed on ‘subdued wagering activity’. Branded games revenue did however rise slightly, to $1.3 million from $1.2 million, while operating expenses fell 36% to $8.1 million (Q4 09: $12.6 million) and G&A expenses fell 12% to $2.2 million (Q4 09: $2.5 million). The company reported a loss of $3.2 million for the quarter.

During the first quarter, CryptoLogic increased the number of branded games substantially, to 92, up from 66 at the end of previous quarter. This was partly due to a multi-licensing deal with William Hill, Bet24 and Betsson.

Looking ahead to the rest of 2010, the Dublin headquartered group said it expected conditions to improve gradually, driven by better waging activity.

"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,” Brian Hadfield, CryptoLogic's President and CEO, said. “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."

CryptoLogic sings network monitoring deal with BT

Thu, 18 Jun 2009 13:51:00 +0100

Internet casino and gaming software group CryptoLogic Ltd (TSX: CRY; NASDAQ: CRYP; LSE: CRP) said it signed a three-year managed services agreement with BT Group PLC (LSE: BTE) for the proactive monitoring of CryptoLogic's global network infrastructure.

The service is expected to go live by the end of the third quarter of 2009 and is designed to protect Internet casinos powered by CryptoLogic software against downtime.

Financial details were not disclosed.

CryptoLogic licenses internet casino games to Sportingbet.com

Thu, 11 Jun 2009 14:04:00 +0100

Internet casino and gaming software group CryptoLogic Ltd (TSX: CRY; NASDAQ: CRYP; LSE: CRP) said it signed a multi-year agreement to provide at least 10 of its most popular online slot games to online gaming group Sportingbet.com PLC (AIM: SBT).

The first set of games, both branded and non-branded, are scheduled to go live on Sportingbet.com in the latter part of 2009, with a complete roll-out of the full 10-game suite by the end of the year.

Sportingbet.com operates in 22 languages in 30 markets across Europe, Australia, Canada and South America.

CryptoLogic president and CEO Brian Hadfield commented: "With Sportingbet.com on our customer list alongside PartyGaming, 888.com and Betfair, CryptoLogic is very proud to have the confidence of the "big four" international operators. This will mean a superior experience for players, enhanced revenue for our customers and profitability for CryptoLogic shareholders.

CryptoLogic to develop games based on Paramount Pictures films

Tue, 17 Mar 2009 11:53:00 +0000

CryptoLogic (TSX: CRY, LSE:CRP, NASDAQ: CRYP), the Internet casino and branded gaming software company, announced a “multi-year agreement” with Paramount Digital Entertainment, a division of Paramount Pictures, which is ultimately owned by media giant Viacom (NYSE:VIA).

The agreement will see CryptoLogic offer online slot games based on more than 20 films, including Braveheart, Forrest Gump and Ferris Bueller. CrypoLogic will also build a dedicated gaming site for all of the movie-themed games produced from the agreement.

“We are very excited about this new relationship with Paramount Digital Entertainment as it both vindicates and enhances our strategic position. Paramount Pictures boasts an extensive catalogue of classic and new releases, and CryptoLogic makes the world's best branded Internet casino games,” said Brian Hadfield, CryptoLogic's President and CEO. 'It's been proven that CryptoLogic's branded games drive Internet casino revenue - and we look forward to a mutually profitable relationship with this global entertainment leader.'
CryptoLogic already has a catalogue of more than 280 games.

Cryptologic and NextGen sign exclusive agreement

Fri, 07 Nov 2008 12:49:00 +0000

Internet gaming software developer, CryptoLogic, climbed 2% after it announced an exclusive multi-year agreement with slot games developer NextGen Gaming.

The agreement will see New York, Toronto and London listed CryptoLogic collaborate with NextGen Gaming to develop new online slot games, and the two companies will also combine their sales distribution networks to license the new games to the online and land-based gaming industry. NextGen and CryptoLogic have worked together before on branded slot games based on well known gaming brands, including King Kong, Marvel Super Heroes and Street Fighter II.

CryptoLogic said the “ultimate goal” of the agreement was to “ensure that branded content providers look no further than CryptoLogic when choosing a partner” for the online gaming space.

“For CryptoLogic, this is a most significant and unique strategic partnership – one that gives us new access to one of the industry’s broadest, deepest and most successful distribution networks,” said Brian Hadfield, CryptoLogic’s President and CEO. “This will allow CryptoLogic to deal with the best brands, develop the best games, and deliver the best experiences to players around the world – whether they’re on land or online.”