CryptoLogic Predicts Losses
By Staff
Dublin-based online gambling software provider CryptoLogic Limited has revealed that it expects to report an operating loss for the third quarter of up to $1.5 million, which would be a small improvement over the previous quarter.

Although the Irish firm revealed that its revenues had ‘been in line with seasonal trends and current market expectations’, it also stated that it expects to report a foreign exchange loss of $3.6 million ‘due to the rapid and unexpected appreciation of the US Dollar against UK Sterling and the Euro in recent weeks and a delay in converting the funds into US Dollars’.

'While it is disappointing that financial market volatility will affect our third-quarter results, CryptoLogic has made good progress operationally with the launch of new products, improvements to our technology platform and seven new customer wins so far this year,' said Brian Hadfield, President and Chief Executive Officer for CryptoLogic.

'With three new customer sites up and running in the third quarter and two more slated to go live in the fourth, CryptoLogic continues to see a brighter outlook for 2009.'

CryptoLogic moved its head offices to Dublin from Canada following the passage of America’s Unlawful Internet Gambling Enforcement Act in 2006 and reported that it had now moved most of its cash and marketable securities into US Dollars, its reporting currency, to minimise the impact of further market volatility. The US Dollar has seen a steady rise in recent weeks when compared to other major international currencies after bottoming out earlier in the year.

CryptoLogic stated that it plans to release its results for the third quarter during the second week of November.

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