CryptoLogic, the publicly listed gaming software provider whose partners include World Poker Tour, William Hill, Sun Poker, InterPoker, and Playboy, today reported a 46.5 percent decrease in revenues in the second quarter of 2007.
The company generated revenue of $16.2 million and said the decrease from $30.2 million in the second quarter of 2006 was "due largely to the impact of the U.S. prohibition of Internet gaming."
It nevertheless remained upbeat about its outlook. "CryptoLogic took major steps this quarter towards a return to growth and profitability – with an increase in operating revenue, and a decrease in operating costs," said Javaid Aziz, CryptoLogic's President and CEO.
"Since December, CryptoLogic has launched 11 new customer sites, and we have four more in the pipeline – including two for Holland Casino, and one for World Poker Tour. With the confidence of huge global brands, good growth from our European base and encouraging progress in Asia, CryptoLogic's outlook improves every day."
The company reported its financial strength continued to be reflected in its balance sheet – at 30 June, 2007, net cash was $91.7 million – and said the after-tax loss of $2.6 million was due principally to $4 million in reorganisation costs related to establishing a new corporate headquarters in Ireland.
