|CryptoLogic Inc, the leading software developer to the global Internet gaming industry, has reported its financial results for the third quarter and nine months ending September 30, 2006.|
The results indicate a 32 percent increase in quarterly revenue to $27.7 million, and a 47 percent increase in earnings per diluted share to $0.53. These latest figures together with a $129 million balance sheet mean that the company will continue to invest aggressively in the growth of its business.
CryptoLogic President and CEO Lewis Rose commented, 'CryptoLogic's excellent results for the third quarter and the first nine months of 2006 reflect our strategy of innovation and our strong diversified revenue base. We have already recorded higher earnings in the nine months to date in 2006 than we did for all of 2005.'
The company also alluded to the impact of the Unlawful Internet Gambling Enforcement Act (UIGEA) by reporting that the company’s short-term revenue and earnings will see a significant reduction. However CryptoLogic is now looking forward to a pioneering future in emerging markets.
'Since 2001, CryptoLogic has been preparing for this eventuality by shifting its business to continental Europe and the UK,” Rose added. “Our company's diversification, strong balance sheet, thriving European customers and potential new business in emerging markets enable us to face the future with confidence.'