Wednesday, Internet gaming software developer CryptoLogic Limited (CRYP,CRP.L) reported a wider loss for the second quarter, reflecting lower revenue from poker as well as an impairment provision from long-term Asian investments.
For the quarter, net loss and comprehensive loss was US$6.19 million, wider than US$1.49 million last year. On a per share basis, loss widened to US$0.46 from US$0.10 in the prior-year quarter.
Quarterly results included a non-cash impairment provision of US$4.0 million, booked against long-term Asian investments.
Dublin, Ireland-based company's revenues for the quarter declined to US$10.14 million from US$16.80 million a year ago, reflecting lower poker revenue mainly due to the loss of William Hill poker that, as announced last year, ceased to be a CryptoLogic customer. The company said it has extended relationship with Marvel Entertainment to develop superhero-themed games until 2013, and further expanded relationship with 888.com to include five more games for launch in 2009.
For the six-month period, net loss and comprehensive loss widened to US$7.49 million from US$0.88 million in the previous year. On a per share basis, net loss was US$0.56, wider than US$0.04 a year ago.
Year-to-date, revenue was US$20.27 million, down from US$36.12 million in the prior-year period.
On August 11th the company declared a dividend of US$0.03 per share for the quarter, in line with the prior quarter. The dividend will be paid on September 15 to shareholders of record of CryptoLogic Limited and CryptoLogic Exchange Corporation as at September 1.
The company said that it continues to anticipate a net profit, before non-cash impairment provisions, for the full year, and to return to positive cash flow for the second half of 2009.
In light of current market conditions, consumer sentiment and slower than expected rollout of branded games by its customers, CryptoLogic lowered its targets and sees results more in line with analysts' expectations for the year.
CRYP closed Wednesday's regular trading at $7.06 on the Nasdaq.
CRP last traded at 400 pence per share, down 5.88%, on the London Stock Exchange.
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