Follow by Email

18 July 2010

CryptoLogic sees weak Q2, shares plunge - 15th July 2010

Internet gaming company CryptoLogic Ltd said it expects second-quarter operating loss to be sequentially wider and outlook for the year to be "much less encouraging" than when it reported its first-quarter results, sending its shares down 25 percent to a 14-year low.

The company, which makes Internet casino and branded gaming software, also said the full suite of casino games due for launch in the quarter at one of its e-gaming operators was delayed until July.

Second-quarter revenue is likely to show a slight sequential decline, the company said in a statement. In the first quarter, the company reported revenue of $7.6 million, but had said it expected sales to improve gradually.

CryptoLogic, which reported a first-quarter operating loss of $2.4 million, forecast total costs to be higher-than-expected in the second quarter.

"Despite the World Cup, casino revenue showed a modest gain quarter on quarter but was lower than anticipated due to a substantial swing in player preferences for blackjack and roulette," the company said in a statement.

CryptoLogic licenses its games to e-gaming operators such as PartyGaming, Gala Coral and Betfair.

Shares of the Dublin, Ireland-based company were down 47 Canadian cents at C$1.80 Thursday morning on the Toronto Stock Exchange. They touched a low of C$1.70 earlier in the session.

Profiles

PartyGaming

CryptoLogic

Website Network

Media Man International

Media Man

Media Man Australia

Media Man Asia

Media Man Canada

Media Man Games

Media Man Casino

Media Man Poker

Casino News Media

Casino Travel Media

Global Gaming Directory

Australian Sports Entertainment