Software Developer, CryptoLogic, Reports Positive Second Quarter Results
The software development company, CryptoLogic, has enjoyed positive first quarterly results for the first time in three years, it was revealed this month. The Canadian firm, which has lately endured disappointing findings, revealed that its total revenue had reached heights of $7 million as compared with the $6.74 generated in the equivalent second quarter of last year. Such results amount to an increase of a modest $260,000 leading many to speculate on the future of the business.
Commenting on the results, company representatives suggested that the numbers had received a boost following the resolution of a high profile dispute with Marvel Enterprise Inc and Marvel Enterprise BV. April saw CryptoLogic’s subsidiary, WagerLogic, pursue legal proceedings against the games supplier – accusing the brand of breaching the terms of its 2005 contract. The wrangle has since come to an end.
Meanwhile experts have been keen to stress that the company is not out of danger just yet. The organisation has suffered a period of intense uncertainty following the resignation of its CEO, Brian Hadfield, last year as a result of continued losses. The current Chairman, David Gavagan, is hoping to restore the organisation to its former glory. The firm is now undertaking a strategic review of the business together with the assistance of a team of Deloitte consultants. An official statement issued on behalf of the brand confirmed that the review was “ongoing”. Further details would, representatives said, be made available to the public “as and when appropriate”. Industry members will be scrutinising forthcoming developments in what look to be some very crucial months ahead. Be sure to stay tuned for all the latest updates on the CrytpoLogic front here!