Record profits for CryptoLogic
Award-winning software provider CryptoLogic has posted record profits for the second quarter of 2006.
The new figures from CryptoLogic have shown revenue increases of 52 per cent, which according to a company statement were “better-than-expected” given that the second quarter is a traditionally slow one for the industry.
A $30.4 million total revenue amount is a 12 per cent increase on the figures for the first quarter and significantly above CryptoLogic’s predicted revenue for the period of between $26.4 and $26.7 million.
Lewis Rose, CryptoLogic CEO, said: “CryptoLogic’s new casino games went head-to-head with the World Cup and warm weather – and won. Our Q2 revenue and earnings were far ahead of expectations and surpassed our results in Q1 2006, which is a typically stronger quarter.
“Players have embraced our new games and industry commentators agree that we have taken the online slot experience to the next level. CryptoLogic’s player-centric, product diversification and innovation strategy is paying off.”
Recent highlights for the online gaming software manufacturer include an increase in casino fees due to release of 11 new games by the group and also the expansion of its high-margin online slot portfolio.