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CryptoLogic
Records Drop in Third Quarter Results
 Sept
19 - Top-rated online gambling software development firm
CryptoLogic has
announced its third quarter results which have seen the online gaming powerhouse
experience a loss of between $1 and $1.5, although it is a modest improvement from
the company's previous quarter (Q2).
However, CryptoLogic executives have reported that the company is likely to
experience an additional $3.6 million hit from adverse dollar rate movement. As
a result, the Toronto-listed online gambling software firm has
moved most of its cash and marketable securities into the US dollar.
Said CryptoLogic CEO Brian Hadfield, 'We took a decision to move a substantial portion
of our cash and marketable securities into our reporting currency - the US
dollar - in order to minimize the impact of further currency market volatility
on our share price.
'Although we experienced a slight loss in our Q3 results, we are confident in a
brighter and stronger outlook for 2009. During our third quarter we saw the launch of three
new CryptoLogic-powered online gambling websites, with two more expected to go
live in our fourth quarter.'
Hadfield also explained that CryptoLogic's Q3 revenue to date is in line with
seasonal online gambling trends and market expectations, and that for the most
part the company has made good progress operationally.
CryptoLogic's online gambling software is used to power such
top-class online gambling operations such as InterCasino, one of
the world's most popular and highly frequented international
online gambling destinations.
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