Online Casino Transfer: News - CryptoLogic Numbers Disappoint

07/31/2010		Online Casino Style: News CryptoLogic Numbers Disappoint
Home History Games News Dictionary		While this week hosted some good news for the online gambling company 32Red in terms of revenue and profits, the times over at internet casino software CryptoLogic are much tougher. The firm announced their quarter end results for the second period in 2010, admitting to investor fears that they might not meet the expectations laid out in the first quarter. Total costs, in fact, are now expected to be slightly greater than anticipated. The effects will carry over into year end results, say the analysts now, as the larger operating loss in the second quarter will make it significantly harder for CryptoLogic to make their year end goals. To try their best to make the goals, management has already ordered a comprehensive review of all current operations, making an attempt to enhance their strategies to the best of their ability mid-year. CryptoLogic had partially expected for the World Cup action in June to help force their numbers up, an expectation that did not result in the quarter-on-quarter gain hoped for. In fact, the wins made by Roulette and BlackJack players in the last three months actually outweighed the profits brought in my the soccer tournament. Betting and deposits were relatively consistent for the period. The report for the period also said that Geoffrey Finlay had stepped down from his position as director. "The Board and the Company acknowledge that the return to profitability is still contingent upon revenue growth, additional cost savings and a tight control of cash," read the quarter end report. "In light of continuing losses and the difficulty in forecasting results, a major consulting firm experienced in the gaming and betting industry has been retained to undertake a review of current operations with a view to assisting the Board in enhancing its strategy in the interests of stakeholders."

07/31/2010

Online Casino Style: News
CryptoLogic Numbers Disappoint

While this week hosted some good news for the online gambling company 32Red in terms of revenue and profits, the times over at internet casino software CryptoLogic are much tougher. The firm announced their quarter end results for the second period in 2010, admitting to investor fears that they might not meet the expectations laid out in the first quarter. Total costs, in fact, are now expected to be slightly greater than anticipated.

The effects will carry over into year end results, say the analysts now, as the larger operating loss in the second quarter will make it significantly harder for CryptoLogic to make their year end goals. To try their best to make the goals, management has already ordered a comprehensive review of all current operations, making an attempt to enhance their strategies to the best of their ability mid-year.

CryptoLogic had partially expected for the World Cup action in June to help force their numbers up, an expectation that did not result in the quarter-on-quarter gain hoped for. In fact, the wins made by Roulette and BlackJack players in the last three months actually outweighed the profits brought in my the soccer tournament. Betting and deposits were relatively consistent for the period. The report for the period also said that Geoffrey Finlay had stepped down from his position as director.

"The Board and the Company acknowledge that the return to profitability is still contingent upon revenue growth, additional cost savings and a tight control of cash," read the quarter end report. "In light of continuing losses and the difficulty in forecasting results, a major consulting firm experienced in the gaming and betting industry has been retained to undertake a review of current operations with a view to assisting the Board in enhancing its strategy in the interests of stakeholders."