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Cryptologic Casino Losses Continue

Posted 3/22/11 : Loss rate slows as severe cost cutting and restructuring takes hold.
 
Online gambling software provider Cryptologic's woes continued through 2010, the company's latest full year and Q4 results show, with the annual net loss in 2010 lower but still significant at $20.4 million (FY 2009: $35.5 million), probably due to the severe cost cutting and restructuring measures adopted by the company during the year.
 
Management's note on the full year performance shows:
 
* Total expenses reduced by 39 percent to $47.5 million (2009: $77.6 million)
 
* Total revenue at $26.0 million (2009: $39.8 million) Full year revenues reflected the lower contribution from a major licensee and the impact of the loss of a key customer in 2009.
 
* Net loss of $20.4 million (2009: $35.5 million)
 
* Cyprus and majority of UK operations consolidated into Malta, while all other locations reduced significantly
 
* Signed several licensing deals for CryptoLogic games with 170 branded games now live (2009: 66)
 
* Launched new gaming package, Instant Click
 
"While the additional restructuring measures taken since August 2010 have significantly reduced the total recurring cost base and cash outflow, improving revenue performance remains a key management priority," the management notes. "In addition, the Board continues actively to examine strategic options both to strengthen the company's operations and deliver shareholder value.
 
"CryptoLogic was affected by continuing competitive trading conditions in 2010, contributing to disappointing results for the year.
 
"Following senior management changes in August 2010, additional restructuring measures were implemented to reduce the annual cost base and stabilise the business. The full impact of these actions, as expected, was felt in the fourth quarter with a significant reduction in the company's cost base and cash outflow."
 
The Q4 results posted by the company show evidence of some serious axe-wielding, with additional restructuring, announced in August 2010 following management changes, completed in the fourth quarter:
 
* Net loss reduced to $800 000 from $12.7 million in Q2 2010, the last full quarter before additional restructuring measures
 
* Cash burn declined to $1.2 million from $2.3 million in Q2 2010
 
* Recurring quarterly cost base lowered to $6.6 million from $12.9 million in Q2 2010
 
* Total expenses down by 69 percent to $6.3 million (Q2 2010: $20.2 million)
 
* Operating expenses decreased by 47percent to $5.1 million (Q2 2010: $9.5 million)
 
* General and administrative expenses decreased by 59 percent to $1.1 million (Q2 2010: $2.6 million)
 
* Total revenue amounted to $5.5 million (Q2 2010: $6.7 million)
 
* Signed licensee deal with bwin with two games already live
 
Total expenses declined by 36 percent sequentially (Q3 2010: $9.9 million) and by 39 percent compared with the previous year. Cash outflow in Q4 2010 amounted to $1.2 million compared with $5.4 million in Q3 2010, $2.3 million in Q2 2010 and $4.7 million in Q4 2009.
 
Q4 2010 net loss declined to $800 000 from $3.7 million in Q3 2010; $12.7 million in Q2 2010 and $24.8 million in Q4 2009.
 
The company's workforce was also hard hit by cost-cutting measures, reducing by 47 percent to 111 in 2010 from 211 in 2009 through a major streamlining of offices in all locations and the consolidation in Malta of the Cyprus operations and a majority of the UK operations.
 
As a result, the recurring cost base decreased by 49 percent to $6.6 million per quarter, when compared with Q2 2010, the last full quarter prior to the recent restructuring.
 
Total revenues in Q4 2010 decreased to $5.5 million (Q3 2010: $6.1 million; Q2 2010: $6.7 million), primarily due to a lower contribution from a major licensee.
 
The report breaks down the revenue sources as follows:
 
Hosted Casino
 
Revenue from fully hosted virtual casino rooms provided to online gaming brand operators was $4.9 million in Q4 2010 (Q3 2010: $5.6 million; Q2 2010: $5.8 million), reflecting a lower contribution from a major licensee.
 
Branded Games
 
Revenues from this segment remained flat at $1.4 million in Q4 2010 (Q3 2010: $1.4 million; Q2 2010 $1.5 million), as new licensees launched CryptoLogic's branded games at a slower pace than expected. The company continues to work with its licensees to help them increase the frequency of games going live.
 
14 new branded games went live in the quarter taking the total number of games rolled out by licensees and generating revenues to date to 170 from 156 at the end of Q3.
 
Poker and Other
 
Poker and other revenue amounted to $400 000 (Q3 2010: $400 000; Q2 2010: $600 000).
 
The company reported cash and cash equivalents as at December 31, 2010 amounted to $10.6 million (September 30, 2010: $11.8 million; June 30, 2010: $17.2 million). The decrease in net cash during Q4 2010 of $1.2 million was largely due to the cash impact of operating losses of $800 000. The company continues to be debt free.
 
Management also furnished an update on commercial matters as part of the report.
 
Following receipt of notice of arbitration from a significant supplier of games that is not identified in the report, Cryptologic served notice of termination of its agreement with the supplier in February 2011, to take effect from March 2011. Notwithstanding this termination, discussions are ongoing with the aim of reaching a commercially acceptable solution prior to the commencement of significant arbitration proceedings. In the absence of achieving such a solution, arbitration hearings are likely to proceed later in 2011.
 
In February 2011, a brand licensor delivered to the company a notice purporting to terminate the brand license agreement between the two companies, claiming that Cryptologic had breached the agreement. Cryptologic management believes there is no breach that warrants termination of the agreement and, accordingly, considers the agreement remains in force.

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