Cryptologic releases their fourth-quarter net income which had an increase of $1.7 million in total over the previous year’s reports. What makes this interesting is although the company was unable to accept US players due to the UIGEA, they were still able to see a 7% increase in profits. This amounts to an additional 36 cents per share.
The reports also stated that the results included a tax recovery of $700,000 plus overcoming a write off of $1.75 million for program and operational costs.
Although the start of the year was off to a shaky start when the company’s profits fell 78% they were still able to finish off the year with net revenue just over $77.5 million US.
Brian Hadfield who is was previous CEO and now appointed chief executive attributes the growth to “Cryptologic led the industry in gaming innovation, broadened and deepened its customer relationships, grew both its core and emerging businesses, and made strategic investments in Europe and Asia.”
In addition to the merge into international markets, the Cryptologic Network released new games in October as well as the popular super-hero games which are based on the Marvel Comic books.
Cryptologic is one of the top three software developers for online casinos and poker rooms. They have won various awards over the years from accredited gambling magazines including the 2004 and 2005 Top Casino Software presented by Online Gambling Magazine. Currently they provide over 280 casino games among 25+ casino operators to players within Europe and abroad.
