CryptoLogic Announces Record First Quarter Results
By Andrew B
Gambling software company CryptoLogic Inc. has announced first-quarter profits have soared 58 per cent to $7.7 million.

The report comes one day after CryptoLogic declared a 71 per cent increase in quarterly cash dividend, to 12 cents a share, payable June 15 to shareholders of record as of June 8.

Earnings for the quarter ended March 31 rose to 56 cents a diluted share, compared with $48 million or 34 cents per share a year earlier.

Revenue increased 33 per cent to a record $27 million - beating the company's forecast of $25.1 million to $25.5 million.

Chief Executive, Lewis Rose, commenting on the first-quarter success, said, “Our excellent results, progressive dividend records and positive business momentum are testaments to our disciplined business strategy and our commitment to enhancing shareholder value.”

He added, “Our focus on geographic and product diversification has enabled us to capitalize on some of the most profitable gaming markets.”

CryptoLogic has also announced that Playboy will use its technology on a new website.

As part of the three-year-deal, CryptoLogic will launch a Playboy-branded Internet casino, providing electronic cash management, marketing support and customer support.

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