CryptoLogic Inc., an online gambling software developer and casino provider, this week announced positive financial results for the fourth quarter and year ending December 31st, 2005. According to the recently released report, revenue was up 40 percent, earnings were up 54 percent, poker fees were up 92 percent and casino fees were up 20 percent.

The record revenue and earnings and the substantial operating cash flow are a reflection of CryptoLogic’s disciplined company strategy as well as the growth in the major casino and poker segments of the global online gaming market.

"For CryptoLogic, 2005 marked a decade of innovation and consistent performance," said CryptoLogic's President and CEO, Lewis Rose. "It was a milestone year of delivering the world's most innovative games to some of the world's most trusted gaming and entertainment brands. The results speak for themselves - we achieved all-time highs in revenue and earnings. CryptoLogic is among the industry growth leaders in both the Internet casino and Internet poker markets."

2005’s fourth quarter revenue reached $US 25.1 million compared to 2004’s fourth quarter revenue of $US 17.9 million. The entire year of 2005 saw a similar rise compared to the entire year of 2004, with 2005’s earnings reaching $US 86.3 million compared to 2004’s earnings of $US 63.7 million.

CyrptoLogic also reported a rise in online poker fees. The fees, derived from the company's WagerLogic licensing subsidiary, rose 92 percent to $7.9 million over Q4 2004, up 13 percent sequentially over Q3 2005.

32 percent of CryptoLogic’s fourth quarter revenue could be attributed to the poker software fees, which grew 126 percent to $27 million more in fiscal 2005 than 2004.
The company also had positive news to report regarding its Internet casino revenue, which rose 20 percent to $15.5 million compared with Q4 2004, up 23 percent sequentially over Q3 2005. 62 percent of the fourth quarter 2005 revenues came from fees from casino software and rose 11 percent to $53 million more in fiscal 2005 than 2004.

Another highlight for the company was the release of a new Greek-language Internet poker site for the United Kingdom’s largest sports bookmaker, William Hill. The release marks the first multi-language version of poker software developed by CryptoLogic.

On the international front, Playtech also saw revenue from the international licensees’ market exceed 65 percent of the total revenue, a figure that is up from over 60 percent in 2004.

Related Links:

• Cryptologic Casinos

Posted on: February 22, 2006

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