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COST SAVING AND MANAGEMENT CHANGES IN CRYPTOLOGIC'S Q 3
Restructuring cuts costs at veteran online gambling software provider
Restructuring and cost cutting appear to have dominated thinking at veteran internet gambling software provider Cryptologic as it announced its third quarter results this week, including an update on its expanded restructuring programme announced on August 12, 2010
Highlights of the restructuring included:
* Following the management changes announced on August 12, further restructuring measures were taken to reduce costs aggressively.
* Total expenses declined to $9.9 million (Q2 2010: $20.2 million, including $7.3 million of non- recurring charges)
* Operating expenses decreased by 20 percent compared with Q2, reflecting the initial impact of restructuring actions taken during Q3
* New operational management team appointed to lead hosted casino business
* The firm completed the consolidation of Cyprus operations into Malta, and operations on the former ceased.
Management changes at the company included Huw Spiers becoming Group Head of Operations and Chief Financial Officer, and Ian Price becoming Group Head of Business Development.
Third quarter numbers are:
* Total revenue was down at $6.1 million (Q2 2010: $6.7 million)
* Hosted casino revenue also dropped slightly to $5.6 million (Q2 2010: $5.8 million)
* Branded games revenue showed the same downward trend at $1.4 million (Q2 2010: $1.5 million)
* Net loss of $3.7 million (Q2 2010 Loss: $12.7 million, including $7.3 million of non-recurring charges)
* Net cash at September 30, 2010: $12.3 million (June 30, 2010: $17.4 million) partly reflecting the cash impact of one-time restructuring costs amounting to $3.5 million.
The new management predicts that the full impact of additional measures taken during Q3 to reduce costs, which included staff cuts, will have taken effect by the end of the fourth quarter, resulting in a further decrease in Cryptologic's total recurring cost base. Efficiency improvements and cost-cutting will continue.
Total expenses decreased to $9.9 million (Q2 2010: $20.2 million, including $7.3 million of non-recurring charges), while operating expenses were down by 20 percent sequentially to $7.6 million.
During the quarter, CryptoLogic's fully hosted casino was launched by Betsafe.com.
Revenues from branded games decreased to $1.4 million in Q3 2010 (Q2 2010: $1.5 million), due to a decline in revenue contribution from a key licensee. 13 new branded games went live in the quarter, taking the total number of games rolled out by licensees and generating revenues to date to 156 from 143 at the end of Q2.
Poker and other revenue amounted to $500 000 ($600 000).
Net cash as at September 30 amounted to $12.3 million (June 30 2010: $ 17.4 million) which consisted of cash and cash equivalents and security deposits. The decrease in net cash during Q3 2010 of approximately $5.1 million was attributed to the cash impact of operating losses of $2.8 million, a decrease in accounts payable and accrued liabilities of $1.8 million, comprising $3.5 million paid in respect of reorganization costs, partially offset by increased jackpot provision and timing of trade payable payments, a decrease in income taxes payable of $0.1 million, a $0.5 million increase in accounts receivable and purchase of capital assets of $0.2 million.
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