|CryptoLogic has announced its financial results for the fourth quarter of last year as follows: fourth quarter revenue up by a huge 33%; earnings up by a staggering 25%. |
“The record revenue, excellent earnings and healthy operating cash flow in 2004 are evidence of the company's focused strategy and growth momentum in both the casino and poker segments of the global online gaming market,” said the Cryptologic press release. “CryptoLogic continues to be the blue-chip e-gaming software company,” said Lewis Rose, President and CEO.
In the last quarter of 2004, CryptoLogic’s revenue was $17.9 million, providing earnings of $3.8 million. The fourth quarter advance alone was represented by a growth in earnings to 27 cents per diluted share, which was ahead of the average forecast made by analysts. “Fiscal 2004 full year earnings were also strong at $1.01 per diluted share on a 44% increase in revenue to a record $63.7 million,” the press release continued.
Meanwhile, “consistent cash generation” led to a 67% increase in the quarterly dividend to $0.05 per share.
The continued financial success of CryptoLogic’s fourth quarter in 2004 is largely attributed to a 165% increase in online poker at cryptologic.com; an increase of 15% (from 4th quarter, 2003) in online casino revenue; and to overseas markets which were also up in the revenues of licensees.
CryptoLogic.com has also renewed and extended with its lucrative UK licensee, The Ritz Club London Online, for both online casino and poker solutions developed by CryptoLogic.