|Cryptologic has attributed its strong second quarter results to ‘continued geographic diversification’ and the success of its online poker rooms, most notably with the launch of Betfair Poker. |
“This new poker room site both strengthens our position in the online poker arena,” said Cryptologic, “and reinforces the company's reputation for earning the confidence of the world's top gaming brands.”
International diversification remained on target for the first half of 2004, with approximately 60% of licensees' revenue coming from overseas markets. Lewis Rose, CryptoLogic's President and CEO commented, 'It's been another blue chip quarter for CryptoLogic, reflecting our focused strategy and the ongoing investment in our company. We are seeing clear benefits from diversifying CryptoLogic's business in key markets and fast-growing product segments. In fact, our licensees' central poker room is now ranked among the top 5 on the Internet. Our financial strength gives us the means to invest strategically for our future to enhance CryptoLogic's leadership in a competitive environment, increase our share in major growth areas, and drive long term, positive returns.'
Quarterly revenue grew 38% to $14.9 million with earnings rising 29% to $3.2 million. Operating cash flow for the second quarter of 2004 was $2.6 million, compared with $13.5 million in 2003.