Cryptologic Ltd. (CRYP,CRY.TO,CXY.TO, CRP.L), a provider of Internet gaming software, reported Friday a narrower net loss for the second quarter, with 3.4% revenue growth. Further, the company said that its outlook for the remainder of 2008 and 2009 was positive, underpinned by new customer contracts.
Net loss for the quarter narrowed to $1.5 million or $0.10 per share from $2.6 million or $0.19 per share in the same quarter of last year. On average, 4 analysts polled by First Call/Thomson Financial expected the company to report earnings per share of $0.10 for the quarter.
Total revenues increased 3.4% to $16.8 million from $16.2 million in the previous year, driven by the company's core European casino business. Street analysts had a consensus revenue estimate of $17.66 million.
General and administrative expenses were up $1.9 million year-over-year, due to higher consulting and professional fees.
Commenting on the results, Cryptologic's president and chief executive officer, Brain Hadfield, said, "With an upgraded technology platform and five new customers signed in the last quarter, CryptoLogic's challenge is to execute with excellence - and that should lead to significant revenue and earnings growth from both Europe and Asia."
During the quarter, the company launched seven exclusive new casino games, including the Internet's first slot version of Street Fighter II arcade game. Cryptologic completed the development on a new suite of casino games, and enhancements to its Internet poker software to enable players to host their own tournaments.
In the second quarter, the company announced new licensee agreements with 888.com, 0Poker.com, Maharajah Club and Khel Galli.com.
In Asia, the company announced its investment in Mahjong time, an innovative provider of online Mahjong software and turnkey solutions; and gained a minority interest in South Korea's Mobilebus, Inc.
For the first half of the year, net loss narrowed to $884 thousands or $0.04 per share from $1.1 million or $0.08 per share in the same period of last year. Revenue increased slightly to $36.11 million from $35.8 million in the year-ago period.
Looking ahead, the company remains optimistic about its growth in 2009, backed by new customer contracts, significant investments in Asia and operational improvements.
In a separate release, the company announced a three-year casino licensing agreement with Sky Betting & Gaming, part of BSkyB Group Plc. As per the agreement, made through Cryptologic's subsidiary, WagerLogic Ltd, a portion of the company's non-downloadable casino games would be available on SkyVegas.com by early 2009.
In yet another release, Cryptologic said it signed a three-year contract with the Gaming Media Group Ltd., owner of The Poker channel and PokerHeaven.com.
Under this agreement, executed through its subsidiary, WagerLogic Ltd., the company's casino games would be available in five languages to players around the world, later this year. Cryptologic would be the sole provider of the online software for the duration of the contract. Further, Gaming Media Group would join other online operators using Cryptologic-developed software, including William Hill, InterCasino and 888.
Shares of CRYP closed Thursday's regular trading session on NASDAQ at $10.59. On the Toronto Stock Exchange, CRY.TO closed at C$11.08 and CXY.TO ended at $11.25 on Thursday.
CRP.L are currently trading on LSE at 546.00 pence, down 11.50 pence or 2.06%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.