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Investors at CryptoLogic are most definitely smiling after the online casino and poker provider reported that it had seen a 58 percent increase in its first quarter profits this year bringing that amount to $7.7 million. The report also revealed a 71 percent increase in dividends on a rising share price. Continuing with the good news, CryptoLogic also reported that they had attracted new customers, among which is the famous brand Playboy. Playboy is using CryptoLogic’s gaming software on the Playboy site. CryptoLogic’s CEO Lewis Rose commented: “Our excellent results, progressive dividend records and positive business momentum are testaments to our disciplined business strategy and our commitment to enhancing shareholder value." Playboy, the legendary adult magazine, has signed a three-year deal with CryptoLogic that will launch Playboy-branded online casinos. In the deal CryptoLogic has agreed to provide cash management, customer support services and marketing support. Playboy will be marketing their site globally with the exception of the United States where the status of online gambling is uncertain and unlikely to change in the near future. In a recent press release, Playboy chairman and CEO, Christie Hefner said: "When we set out to find a partner for a new Playboy-branded Internet casino, CryptoLogic software was a natural fit". CryptoLogic beat it revenue forecast of $25.1 million to $25.5 million. when it saw its revenues increase by 33 percent to $27 million. The company’s shares were also bolstered when news spread that Netherlands-based Overseas Internet Gaming Entertainment NV had signed up for another term with CryptoLogic that will continue at least until 2012. Overseas Internet Gaming, which owns and operates games sites such as InterCasino and InterPoker, reaffirmed its agreement with CryptoLogic via CryptoLogic licensing subsidiary, WaterLogic Ltd. The agreement now extends until 2012. There was a bit of bad news reported by CryptoLogic concerning the Ritz Club London Online. The Ritz Club, which was responsible for generating nearly two percent of CryptoLogic’s revenues, is no longer a customer of CryptoLogic. Related Links: Posted on: May 21, 2006
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