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Cryptologic Q1 - Revenues Down
Online gambling software and games developer Cryptologic has reported another disappointing quarter in delivering its Q1 2009 report. President and CEO Brian Hadfield attributed the dismal results to the "challenging" economic environment and strong US dollar, and said that the company continued to try to constrain costs, accelerate innovation and focus on execution in its business affairs.
The results constitute the fourth consecutive losing quarter for the company, although management said it is on track to returning to profitability and cash generation in 2009, in line with prior guidance. Cryptologic's previous guidance calls for full-year net income of $9 million - $10 million.
Net loss was $1.3 million, compared to profit of $609 000 in the first quarter of 2008. In the preceding fourth quarter 2008, net loss was $25.97 million.
Revenue fell 48 percent to $10.13 million from $19.32 million in the same period last year, impacted by lower spending from the most avid players, coupled with the continued assault of the strong U.S. dollar.
Operating loss was $3.05 million, compared to profit of $458 000 in the previous year.
Hadfield commented: "In very challenging times, CryptoLogic continues to control what we can: containing costs, accelerating innovation and focusing on execution." Reduced wagering was noted in both casino and poker operations.
During the latest quarter, the company completed the cost-saving integration of its poker network with that of GTECH Corp. CryptoLogic stated that the move enables significantly its cost base, and expects to realise the full benefit of the integration from the second quarter.
Hadfield said that licensing deals signed during the quarter with partners such as The Gaming Network, Gala Coral and Paramount Digital Entertainment had laid “the foundation for a return to profitability and cash generation this year."
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Asia Gaming To Showcase Live Dealer Action -
Asia Gaming will be practically demonstrating its live dealer baccarat at the ICE show next month. The Asia-facing online gambling provider is on the expansion trail and intends to make a big impact at the expo and conference in London.
2017 Aussie Millions Event 6 -
Heads up, Boivin faced local pro Joel Feldman, but the Aussie proved to be no match for an on-fire Boivin who dispatched him with the runner up prize of A$78,440.
2017 Ice Totally Gaming -
Next month's ICE Totally Gaming conference and expo will again be a truly international affair, following confirmation by organizers Clarion Gaming that a total of 67 jurisdictions and sovereign states will be represented on the show floor at ExCeL Centre, London.
IGT in 7 Year Deal With Svenska Spel -
#IGT , as legacy #GTECH , has been providing video lottery products and support services to the state-owned monopoly Svenska Spel since 1996, the statement reminds readers.
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