Cryptologic Reports Drop in Revenues - 11-26-09 |
November 26 - Top software developer, Cryptologic, announced this week
that its third quarter performance was poor in comparison to the same time
period last year.
The group showed in a year on year comparison that revenues had dropped by
31% - $500,000 less than the previous year.
All in all, revenues in the third quarter totalled $9.591 million.
There were several ups and downs in the latest financial report.
The down side was that Cryptologic reported "sluggish wagering activity and a
slower than expected rollout of games by new licensees."
On the up side, Cryptologic proved that its "build-once-license-often" policy
was working, with a growth resulting from brand games by 46% up from the last
quarter.
The President and Chief Executive Officer of Cryptologic, Brian Hadfield
said: "Despite a disappointing third quarter, Cryptologic's business strategy is
delivering tangible progress, albeit at a slower pace than anticipated."
"With a lower cost base, the largest customer roster in Cryptologic's history
and our third consecutive quarter of increased revenues from branded games, we
remain focused on executing our plan and return to profitability and long term
growth," he added.
The number of brand games on customer sites rose from 13 to 33 in the last
quarter.
The beginning of 2009 saw only three branded games at licensed sites.
Two jackpot wins on the Millionaires Club
slot game set the company back
slightly, with its revenue from poker remained at $500,000.
Read our Intercasino review, which features Cryptologic software.
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