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Good First Quarter
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Good First Quarter



Cryptologic Limited has recently announced its publication of their financial result for the first quarter of 2011, the period ending March 31. The online casino and gambling software provider has seen an increase in performance by 9 percent in terms of their revenues. It can be recalled that the management team at Cryptologic introduced several measures that will cut the cost, as well as initiated restructuring measures to enable the company to stop their declining status and stabilize their business. Because of these endeavors, the company saw a return of growth of business during the 2010 fourth quarter. However, comparing the 2010’s first quarter, this software provider for online casinos and gambling shows a decline of 21 percent in its revenues.

The highlights of the financial report include an increase in total revenue of 9 percent in the amount of $6 million compared to last year’s last quarter. This is primarily attributed to the increasing online casino and gambling licensees of the company. For their revenue of hosted online casinos, there is also an increase to $5.2 million, from $4.9 million last quarter. The revenue of branded games also increased to $1.5 million. For revenues from poker and other products, the company received static figure.

In terms of expenses, the company spent $6.5 million this quarter, while only $6.1 million last quarter. Interestingly, there loss reduced to only $0.6 million than last quarter’s $0.9 million. As to their net cash, this provider of online casino software applications has $14.5 million this quarter, which may be due to the income tax movement for this quarter. Cryptologic appointed Deloitte Corporation to assist them in their review of strategies for the company.

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