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Online gambling developer CryptoLogic posts Q1 numbers

Online gambling developer CryptoLogic posts Q1 numbers One of the world's biggest online gambling software provider, CryptoLogic Ltd.( NASDAQ:CRYP), posted its first quarter financial results. The online gambling company is showing first-quarter revenue of $19.3 million, 1.3% lower than Q1 of 2007 and net earnings of $609,000, 59% lower compared with $1.48 million for the same period of last year. However, according to CryptoLogic's Chief Financial Officer Stephen Taylor, the funds set aside by the company to pay out jackpot winners in 2006 were in excess of what was needed, which resulted in a one-time $4.5 million benefit in the first quarter of 2007. Excluding unique items, the online gambling software provider posted $18.3 million revenue in Q1 of 2008, or 21% increase from the $15.1 million customer revenue posted for the same period last year.

 CryptoLogic develops and licenses online gambling software, including online casinos, poker and bingo. It currently has 16 licensees and plans to add between two and four more in Europe and Asia by the end of this year, while most recently re-signed a three-year deal with 888 Holdings, one of the most recognized online gambling companies in the world.

 Published on 05/13/2008

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