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CryptoLogic announces Q3 results

11/13/09 - CryptoLogic Limited, a global developer of branded online betting games and Internet casino software, today announced its financial results for the third quarter ending September 30, 2009. While branded game revenue saw strong growth for the third consecutive quarter, sluggish wagering activity and a slower-than-expected rollout of games by new licensees adversely affected the overall result.
 
Financial highlights:
¨       Revenue of $9.6 million (Q2 2009: $10.1 million) in a typically slow season for Internet gaming
¨       Branded game revenue increased by 46% to $0.78 million, up from $0.53 million in Q2 and $0.31 million in Q1 2009
¨       Hosted casino revenue decreased to $7.1 million (Q2 2009: $7.7 million) due primarily to two jackpot  wins on Millionaires Club, one of the company’s most popular games
¨       Poker revenue of $0.5 million (Q2 2009: $0.5 million)
¨       Net loss before minority interest of $3.4 million (Q2 2009: $6.3 million)
¨       Diluted loss per share of $0.25 (Q2 2009 diluted loss per share: $0.46)
¨       Net cash as at September 30, 2009: $28.4 million (June 30, 2009: $33.8 million)
¨       Dividend of $0.01 per share for the quarter (Q2 2009: $0.03 per share)
 
Operating highlights:
¨       33 branded games on the market by new licensees in Q3, up from 13 in Q2 and three in Q1
¨       Total customer base now at 29 licensees after signing new multi-year deals in Q3 to provide branded slot games to leading operators such as Totesport and Virgin Games
¨       Signed a three-year agreement to license CryptoLogic’s full Internet casino suite to Betsafe
¨       Expanded relationship with 888.com to include five more games for launch later in 2009
¨       Release of new downloadable game lineup including a video slot version of Street Fighter IV, one of the most popular video games of 2009
¨       Continued momentum of signing up new licensees in Q4 through new deals with Rank Interactive and Unibet, with games now live on each site
 
Q4 2009 outlook:
¨       Continuing steady roll-out of branded games by licensees with 50 games on the market as of today
¨       More than 80 branded games expected to be live by year end, based on current launch plans by licensees
¨       The continued impact of the economic environment and the delays in rolling out branded games will result in a loss in the fourth quarter
¨       In light of recent performance and the current trading environment, the company is reviewing the carrying value of its assets, which is likely to result in a significant impairment charge in Q4
 
“Despite a disappointing third quarter, CryptoLogic’s business strategy is delivering tangible progress, albeit at a slower pace than anticipated,” said Brian Hadfield, CryptoLogic’s President and CEO. “With a lower cost base, the largest customer roster in CryptoLogic’s history and our third consecutive quarter of increased revenue from branded games, we remain focused on executing our plan — and returning to profitability and long term growth.”
 
Overview
 
While CryptoLogic continued to make progress in executing its business strategy, overall results in the quarter were affected by a number of factors. Uncertain macroeconomic conditions and sluggish wagering activity contributed to a significant decline in wagering volumes in both casino and poker compared with the previous year. While the third quarter is traditionally the slowest season for Internet gaming, the seasonal uptick in demand normally seen in September was well below historic trends.
 
The rollout of branded games by new licensees gained further momentum, but as most of the new games scheduled for the quarter were not launched by customers until late in the period, revenue from these will only start to come through in Q4 2009.
 
The company’s most popular games in the quarter included, Cleo-Queen of Egypt, Cubis, Hulk Ultimate Revenge, Millionaires Club III and Spider-Man Revelations.
 
New games, new customers
 
Notwithstanding the slower-than-expected rollout by some customers, CryptoLogic’s “build-once-license-often” strategy delivered solid growth from branded games for the third consecutive quarter. Revenue from this segment increased to $0.78 million, a 46% rise since the second quarter as the number of games on customer sites rose to 33, up from 13 in Q2 and three in Q1. Further launches by customers since the end of the quarter have increased the total number of games on the market to 50 today.
 
The company signed several prominent gaming and entertainment companies in the quarter including well known brands such as Betsafe, Totesport and Virgin Games. Following the Q4 signings and game launches for Rank Interactive and Unibet, CryptoLogic has expanded its customer base to 29 licensees, the most in the company’s history.
 
E-gaming innovation
 
CryptoLogic continued to add to its product portfolio with the launch of a new downloadable game lineup that features a video slot version of the world-famous Street Fighter™ IV. The new game pack also featured video slot games Savannah Sunrise, Cleo "Crazy Jackpots” Area 21 and updated versions of longtime favourites Caribbean Stud Poker, American Roulette and Video Poker.
 
Financial performance
 
Total revenue: CryptoLogic’s revenue was $9.6 million for the third quarter, down $0.5 million from Q2 2009 as wagering activity slowed in August, without a typical seasonal bounceback in September.  Revenue was also reduced by $0.56 million as a result of the number of jackpot wins in the quarter, which was above historic levels. This was reflected in casino revenue of $7.1 million in Q3, down from $7.7 million in the second quarter. Poker revenue was flat at $0.5 million in the third quarter. Other revenue included a $0.8 million benefit recorded due to a revised estimate for future royalty payments. As noted above, revenue from branded games continues to grow, up 46% to $0.78 million in the third quarter from $0.53 million in Q2.
 
Earnings and Earnings per Diluted Share: Due to the factors cited above, the company recorded a loss of $3.4 million, or $0.25 per share (based on a weighted average of 13,820,000 outstanding shares), for the quarter. 

Operating expenses were $9.2 million for the quarter, down from $9.9 million in the second quarter and $16.5 million in the third quarter of 2008. This reflects the company’s continued efforts to reduce costs across the business. General and administrative expenses were $2.4 million, up from $2.2 million in Q2 due largely to foreign exchange movements, and down from $3.1 million in Q3 2008.
 
Balance Sheet and Cash Flow: CryptoLogic ended the quarter with $28.4 million in net cash (comprising cash and cash equivalents, restricted cash and security deposits), or $2.06 per diluted share (June 30, 2009: $33.8 million or $2.45 per diluted share). The decrease in net cash was due largely to the operating loss, jackpot wins of $2.6 million paid out during the quarter. The company continues to be debt-free. CryptoLogic’s working capital at September 30, 2009 was $2.50 per share. (June 30, 2009: $37.4 million or $2.70 per diluted share).
 
Dividend
 
CryptoLogic declared a dividend of $0.01 per share for the quarter, down from $0.03 in the first two quarters of 2009. The dividend will be paid on December 15, 2009 to shareholders of record of CryptoLogic Limited and CryptoLogic Exchange Corporation as at December 1, 2009.
 
Outlook
 
The implementation of the company’s branded games is in the hands of its licensees, and has been slower than expected. CryptoLogic continues to expect a steady rise in branded game revenue in the fourth quarter. 50 games are on the market today, and based on the latest information from customers, the company expects more than 80 games to be on the market by the end of the year.
 
Notwithstanding this progress, the continued impact of the economic environment and the delays in rolling out branded games will result in a loss in the fourth quarter. In light of the company’s performance and the current trading and economic environment, CryptoLogic is undertaking a review of the carrying value of its assets in conjunction with the company’s annual planning and budgeting process in the fourth quarter and this is likely to result in a significant impairment charge.
 
Investor/analyst conference call
CryptoLogic will hold a conference call today at 8:30 a.m. Eastern time (1:30 p.m. GMT) to update investors on the company’s earnings in Q3 2009. The details of the call are as follows:
 
Toll Free North America:
1-800-766-6630
Toll Free UK:00 800-4222-8835
Toll Free International
Toronto Dial-In Number:(Country Code) 800-4222-8835
416-340-8410

To participate, please call five to ten minutes prior to the start of the teleconference. This conference call will be recorded and available for replay approximately one hour after the completion of the call, up until midnight on November 20, 2009. To listen to the replay, please dial 416-695-5800 or 1-800-408-3053, passcode 8851764#. A transcript of the call will also be made available on CryptoLogic’s website at www.cryptologic.com under Investor Information.

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