CryptoLogic Reports Strong Earnings Growth In Q1 2005
By emily
CryptoLogic’s quarterly revenue grew 33% to $20.3 million, and earnings grew 27% over Q1 2004 to $4.8 million or $0.34 per diluted share. This exceeded analysts’ average consensus of $0.30 per diluted share;

Internet poker fees derived from Cryptologic’s WagerLogic subsidiary rose by more than 200% over Q1 2004, and accounted for over 25% of Q1 2005 revenue. Continued growth from Internet poker licensees and poker tournament software enhancements contributed to these strong results;

The central poker room shared by WagerLogic licensees now attract more than 6,000 simultaneous live online players, and is one of the world’s top 5 revenue generating poker sites on the Internet.

“CryptoLogic’s excellent start to 2005 reaffirms our position as the blue-chip e-gaming software company,” said Lewis Rose, CryptoLogic’s President and CEO, “CryptoLogic is clearly benefiting from its investment in growth, and we will continue to invest in order to maximize returns at this exciting time in our industry. “

In April 2005, the British government enacted a law to regulate online gaming in the UK for the first time – a position that CryptoLogic has long advocated.

“The landmark legislation to regulate Internet gaming in the UK for the first time is further evidence of the global potential and growing acceptance that this industry is here to stay.”

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