2010 $19.5 million Revenue Loss for Cryptologic: 3rd Quarter Results Dismal

Written by:
Aaron Goldstein
Published on:
Nov/11/2010
Cryptologic

Cryptologic, one of the world’s oldest suppliers of online casino games software, has lost $19.5m for the nine months to the end of September - up from $10.7m last time. Nine-month revenues fell to $20.5m from $29.9m and in Q3 were down at $5.1m from $9.6m.

The company reported a 3rd quarter $1.4 million loss in revenue in 2010 for its branded games concept due to what it called “a decline in revenue contribution from a key licensee”.

“The Company continues to work closely with its licensees to help them maximise revenue from CryptoLogic's portfolio of branded gaming content,” a statement issued by the company advised on Thursday.

Cryptologic has been in the midst of restructuring and has implemented several key management changes.

The restructuring will result in the total recurring cost base falling significantly in the fourth quarter, the company warned.

Chairman David Gavagan took over as interim CEO this August following the resignation of CEO Brian Hadfield.

The company reportedly cut more than 100 employees in recent months.

- Aaron Goldstein, Gambling911.com 

Business/Financial News

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