CryptoLogic Issues Trading Update for Q3 2009
October 15 2009 - 4:30PM
Marketwired
CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a
global developer of branded online betting games and internet
casino software, provides the following business update ahead of
the results for the third quarter, to be announced on Thursday
November 5, 2009.
Uncertain macroeconomic conditions and sluggish wagering
activity across the industry continued in the third quarter,
contributing to a significant decline in wagering volumes at
CryptoLogic in both casino and poker compared with the previous
year. While the third quarter is traditionally the slowest season
for Internet gaming, the seasonal uptick in demand normally seen in
September was well below historic trends.
There was a strong take-up of branded CryptoLogic games by new
licensees during the third quarter. The company expanded its total
number of branded games on the market to 33, up from 13 in the
second quarter and three in Q1 2009. As most of the new games
scheduled for the quarter were not launched by customers until late
in the period, revenue from these will only start to come through
from Q4 2009.
As a result, the company expects to report Q3 2009 revenue of
approximately $9.6 million and a trading loss of approximately $3.4
million. The pipeline of new business continues to be strong and
with a substantially expanded base of 28 new licensees, management
remains confident of its strategy to return the business to
profitability and long term growth, albeit at a slower rate than
anticipated by management and the market.
The fourth quarter has started well and an up-to-date outlook
for the period will be provided with the Q3 2009 results
announcement.
About CryptoLogic® (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a
leading public developer and supplier of Internet gaming software.
With more than 280 games, CryptoLogic has one of the most
comprehensive casino suites on the Internet, with award-winning
games featuring some of the world's most famous action and
entertainment characters. The company's licensees include many top
Internet gaming brands, including the "big four" international
operators. CryptoLogic's leadership in regulatory compliance makes
it one of the few companies with gaming software certified to
strict standards similar to land-based gaming. WagerLogic® Limited,
a wholly-owned subsidiary of CryptoLogic, is responsible for the
licensing of gaming software and services to blue-chip customers
that offer their games to non-U.S. based players around the world.
For information on WagerLogic, please visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange
(CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main
Market of the London Stock Exchange (CRP).
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release, which are not historical are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on certain factors and
assumptions including expected growth, results of operations,
performance, business prospects and opportunities, foreign exchange
rates and effective income tax rates. While the company considers
there factors and assumptions to be reasonable based on information
currently available, they may prove to be incorrect. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, risks associated with
the company's financial condition, prospects and opportunities,
legal risks associated with Internet gaming and risks of
governmental legislation and regulation, risks associated with
market acceptance and technological changes, risks associated with
dependence on licensees and key licensees, risks relating to
international operations, risks associated with competition and
other risks detailed in the company's filings with securities
regulatory authorities. These risks may cause results to differ
materially from those projected in the forward-looking statements.
Forward-looking statements are given only as at the date of this
release and the company disclaims any obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise, except as otherwise
required by law.
Contacts: CryptoLogic Stephen Taylor Chief Financial Officer 353
(0) 1 234 0415 Argyle Communications Jason Graham (North American
and gaming industry media) (416) 968-7311, ext. 229
jgraham@argylecommunications.com Argyle Communications Daniel Tisch
(North American and gaming industry media) (416) 968-7311, ext. 223
dtisch@argylecommunications.com Corfin Communications (UK media
only) Neil Thapar +44 207 977 0020 Corfin Communications (UK media
only) Harry Chathli or Alexis Gore +44 207 977 0020
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