CryptoLogic Reports Profit Up

Saturday November 05, 2005

As reported by the Canadian Press: "Booming online poker handed gambling software maker CryptoLogic Inc. an 80 per cent rise in third-quarter profit, but the company's CEO said Thursday it remains committed to its core Internet casino operations.

"The Toronto-headquartered company, which does 60 per cent of its business in Britain and Europe and reports in U.S. dollars, said July-September revenue was $21 million US. That was up 35 per cent from $15.6 million a year ago.

"Net earnings were $5.1 million, 36 cents per share, compared with $2.9 million or 21 cents per share. The Thomson Financial analyst consensus forecast was 31 cents per share.

"The quarter's poker fees swelled 89 per cent from a year ago, while CryptoLogic's casino take was up 12 per cent but still accounted for 60 per cent of total revenue?"