CryptoLogic Announces Quarter Profits
By Staff
Dublin-based online gambling software developer and turnkey provider CryptoLogic has reported revenues of $18.3 million for the first quarter of the year thanks to strong casino growth from its new Marvel Super Heroes Spider-Man and Fantastic Four games alongside an increased number of licensees.

The results were a 21 percent increase on the first quarter of 2007’s $15 million with the firm also revealing that overall group income dropped slightly to $19.3 million from last year’s $19.6 million with operating expenses declining by eight percent. In addition, CryptoLogic revealed that its cash balance was up $3.5 million to $81 million as of the end of March.

'CryptoLogic is benefiting from a focused strategy of innovation, expansion, diversification and execution,' said Brian Hadfield, Chief Executive Officer for CryptoLogic.

'In the first quarter, CryptoLogic laid the foundations for future growth with investments in new games, new leadership and new partnerships with leading gaming and entertainment brands. That's why we are confident that CryptoLogic is on track for significant growth in 2008 and 2009.'

It has been a busy week for the firm with new licensing agreements announced with 888 Holdings, and Maharajah Gaming for its online casino. Hadfield stated that other highlights for the quarter included new games releases, original language versions for its World Poker Tour licensee and the acquisition of

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