Online Casino Turnkey Provider Releases Quarterly Report
The online casino software provider CryptoLogic has released its financial results for the months of second quarter of 2007. The numbers of looking great and it seems as the technology firm has done good these past months. Recorded revenue was $16.2 million with an operating profit of $2.5 million, making the company’s profit stand on $0.18 per share. Not bad at all. The online gambling turnkey provider established a new corporate headquartered in Ireland and spent millions of dollars on reorganization costs. This quarter, reorganization costs were $2.5 million higher than planned as the company went into an accelerated phase of reorganization. All in all it looks like the technology industry is blooming.
The report doesn’t only summarize the online casino software provider’s income figures but gives an overall look at the firm’s business in the past few months. CryptoLogic was not affected by the enactment of the Unlawful Internet Gambling Enforcement Act like other online gambling firms were. 70 percent of the gambling technology firm’s income came from European sources. The company managed to benefit from the new situation and aggressively established new licensee revenue in both Europe and Asia. The company also launched new games and built new platforms for its clients, especially in Asia. Among the new customers are Play Boy Gaming, World Poker Tour and Holland Casino – all are highly earning and respected online casino sites.
The company’s business in Asia got a major push forward as a result of a financial agreement between CryptoLogic and Brilliance Technology Co and 568 Network. The online casino turnkey provider got first right on any poker attraction to enter the Chinese market making its future in the Asian market a solid one. The world of online gambling is becoming a truly global enterprise and only firms that understand today’s business landscape will remain profitable in the future.