CryptoLogic Updates Financial Projections
By Staff

Leading online gaming software supplier CryptoLogic Limited has announced that it expects to deliver net income of between nine and ten million dollars this year.

The Dublin-based firm is a world leader in Internet casino and branded gaming software and made its announcement in an update on its new growth strategy and restructuring programme. It also stated that it expects to generate cash, reduce costs and deliver profits from expanding its casino business.

CryptoLogic revealed that it is on track to reduce its total operating costs of approximately $13 million on an annualised basis by the end of the second quarter of this year. It stated that the restructuring plan should result in cash costs of $3.5 million alongside non-cash charges of $20 million.

'CryptoLogic has taken radical steps to focus on its core strengths as a developer of exciting online gaming content,' said Brian Hadfield, President and Chief Executive Officer for CryptoLogic.

“We are on track to return to profitability and generate cash from the second quarter of 2009. Our streamlined operations, lower operating costs and commitment to creating compelling customer experience, together with a highly profitable build-once-sell-often model, provides a solid springboard for long-term growth and shareholder value.'

CryptoLogic stated that the outsourcing of its poker network through a strategic partnership with America’s GTech Corporation is set to be completed by the end of the first quarter, improving poker-room liquidity for customers while eliminating the costs of operating a stand-alone network. In addition, the rationalisation includes a reconfiguration of its network resulting in a 75 percent reduction in server and office rental costs.

It revealed that its Internet casino business would drive new growth alongside the development and licensing of branded online games to leading gaming and entertainment brands including 888, PartyGaming, GigaMedia and Gaming Technology Solutions.

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