CryptoLogic's Revenue Falls- But 2010 Looks Positive
2nd March, 2010
eGaming Review has revealed that gaming software company CryptoLogic’s financial year end figures show a drop of more than a third in 2009. The 35% year on year fall from $61.5m in 2008 to $39.8m has been blamed on, "lower wagering activity across the industry, adverse currency factors and a reduced contribution from a key licensee".
The company also recorded net losses of $35.5m which is 9% greater than last year’s $32.7m. However, it does reflect the $24.8m in one off charges for asset impairments and restructuring to align the company's costs with its revenue base
CryptoLogic president and chief executive Brian Hadfield said: "2009 was a tough year as a number of adverse factors including a global economic downturn overshadowed the company's progress in implementing its new strategy to reduce costs and return to growth. We have entered 2010 in better shape with a substantially reduced cost base that will continue to be managed tightly."
Despite adverse profit figures compared to last year the company did see many highlight during 2009 including 20 brand new licensing deals with operators that included Betfair and Virgin Games which expanded its licensee figures to more than 30 operators.
They have also signed deals with DC Comics who are part of Warner Bros in order to develop games featuring well known characters, Batman, Superman and Wonderwoman. They are also working with paramount digital entertainment to create games based around 20 movies such as Braveheart, Forrest Gump and Ghost.
Further fourth quarter highlights included the re-launch of their virtual casino lobby, relocating from Cyprus to Malta and signing major licensees for branded games - BetClic, GigaMedia, Rank Interactive and UniBet.
By Gina
