Cryptologic Going Strong

Published May 17, 2006 by OCR Editor

Cryptologic Going Strong

Software provider Cryptologic has announced great first quarter results, which follows the announcement that the Playboy group will be launching online casinos with their games platform.

Cryptologic has now two reasons for celebration. The first reason is that the company announced a 71% increase in dividends on a rising share price and the news that the software provider's first quarter profits have rocketed 58% to $7.7 million. The second piece of good news was that new customers have joined the company's team, including adult magazine brand name, Playboy, who is launching its own brand of online gaming site.

A spokesperson for Playboy said that when they decided to launch its own site, Cryptologics name was the obvious choice. Cryptologic's revenue increased 33% to a record $27 million which exceeded the software provider's forecast of $25.1 million to $25.5 million. The share prices also increased on the back of the news that two top sites Inter Casino and Inter Poker, were extending their contracts with Cryptologic until 2012. The company that owns it reaffirmed its commitment to using the software providers gaming platform for the coming years.

Cryptologic also experienced minor losses when Ritz Club London decided to end its relationship with it. Cryptologic, however, said that the loss of that deal would not affect the company's profits because the site only generated 2% of their revenue.

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