CryptoLogic Shows Growth in the Second Quarter (Q2)
Friday 10th August 2007
High-profile gaming software developer CryptoLogic has announced impressive financial results for Q2 ending on June 30, 2007, which would have showed an operating profit of $2.5 million if not for the company’s $4 million reorganisation costs as part of the relocation of its headquarters to Ireland and some non-recurring tax impacts.
The software firm actually recorded revenue of $16.2 million and a disappointing after-tax loss of $2.6 million, although the company’s President and CEO, Javaid Aziz still remained positive about the company’s outlook for the rest of 2007: '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 Aziz.
'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.'
