CrytoLogic Reduces Losses
By Staff
Dublin-based CryptoLogic Limited has posted reduced losses for the second quarter of the year after announcing two new three-year deals that it stated underpins its positive outlook for the coming year.

The software developer posted a loss of $1.5 million against $2.6 million for last year as revenues grew 3.4 percent in a seasonally slow quarter to $16.8 million.

CryptoLogic signed a three-year contract earlier this week to provide online gambling software to Gaming Media Group Limited as well as a casino licensing contract with Sky Betting and Gaming, part of the giant BSkyB Group.

“While seasonality made this a more challenging quarter, at CryptoLogic we remain committed to our goals and confident in our growth,' said Brian Hadfield, President and Chief Executive Officer for CryptoLogic.

'While modest growth is encouraging, aggressive growth is our goal. With an upgraded technology platform and five new customers signed in the last quarter, CryptoLogic's challenge is to execute with excellence and that should lead to significant revenue and earnings growth from both Europe and Asia.'

Revenues rose 3.4 percent to $16.8 million over the same period a year ago driven by the company's Internet casino business while operating expenses came in at $13.2 million, up $1.8 million from a year ago but down $1.3 million from the first quarter of 2008. While the quarter featured lower compensation costs, CrytoLogic revealed that foreign exchange movements of $800,000 increased this expense when compared to the prior quarter.

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