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Cryptologic first quarter losses almost quadruple in Q1-2012

Cryptologic first quarter losses almost quadruple in Q1-2012
Online gambling software developer Cryptologic, now under new management following the recent Amaya Gaming take-over, has posted a disappointing Q1-2012 report showing plenty of net cash available, but a net loss that has almost quadrupled since the same time last year.
First quarter ending March 31 2012 results included the following:
--  Net loss of $2.2 million (Q1 2011: $600,000 loss)
--  Total revenue of $5.3 million (Q1 2011: $6.0 million)
--  Total expenses of $7.5 million (Q1 2011: $6.5 million)
--  Net cash of $16.7 million (Q4 2011: $16.6 million)
--  Signed three licensing deals for CryptoLogic games with operators Betdaq, Loto Quebec and NeoGames
--  $35.8 million takeover by Amaya Gaming Group Inc
In February 2012 CryptoLogic recommended a $35.8 million cash offer from Amaya, which has received acceptances representing approximately 88.15 percent of the issued share capital of CryptoLogic as at 2 May 2012. The Offer is unconditional and has been further extended until 3.00 p.m. UK time on 16 May 2012.
Total revenue in Q1 2012 fell 11.5 percent to $5.3 million (Q1 2011: $6.0 million). The decrease in revenue in Q1 2012 partly reflects increased amortization of royalties paid to a major third party brand licensor and also higher amortisation charges for new games. Gross revenue before amortisation costs totalled $6.6 million (Q1 2011: $7.1 million), Management reported.
Revenue from hosted casino amounted to $5.0 million for the three months ended March 31, 2012, slightly down compared with the same period in the prior year (Q1 2011: $5.2 million). In January 2012, the Company announced that it had acquired the Maltese online gambling licenses for InterCasino from OIGE, the company's largest and longest-standing licensee.
Branded Games revenue decreased 4.8 percent to $1.4 million (Q1 2011: $1.5 million), primarily due to a lower contribution from a major licencee partially offset by an increase in the number of revenue producing games through an increased number of licensees and games per licensee. During the quarter, the company's revenue producing games increased from 212 to 229.
Poker underperformed at $200,000 in revenue (Q1 2011: $400,000).
Amortisation of royalties increased 24.3 percent to $1.1 million (Q1 2011: $0.9 million). Amortization of royalties represented (19.9 percent) of total revenue in Q1 2012 (Q1 2011: (14.2 percent)). The increase in amortization of royalties is primarily due to an increase in the royalties earned by a major brand licensor.
Cash and cash equivalents as at March 31, 2012 amounted to $16.7 million (December 31, 2011: $16.6 million).
Cryptologic remains debt-free.
On April 3, 2012, CryptoLogic announced that David Baazov, President, Chief Executive Officer, Secretary, Treasurer and Director of Amaya, assumed the role of Chief Executive Officer of CryptoLogic, and Daniel Sebag, Chief Financial Officer and Director of Amaya, assumed the role of Chief Financial Officer of CryptoLogic.
David Gavagan stepped down as Chairman and Interim Chief Executive Officer of CryptoLogic and Huw Spiers stepped down as Group Head of Operations and Chief Financial Officer of CryptoLogic. \
On April 3 Simon Creedy Smith and James Wallace resigned from the board of directors with immediate effect and were replaced with David Baazov as an executive director, and Divyesh Gadhia.
The report confirms that Cryptologic requested de-listing on the London Stock Exchange, the Toronto Stock Exchange and Nasdaq, and the filing of a Form 15F with the SEC to request that its reporting obligations under the US Exchange Act are terminated. On May 3, 2012, the Financial Services Authority announced that the listing of the CryptoLogic Shares on the London Stock Exchange had been canceled.
Litigation is ongoing between Cryptologic and an unnamed brand licensor that claims the company breached its agreements, an allegation that Cryptologic contests.

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