Toronto Company Increases Profits

An increase for the second quarter profits for Cryptologic, a developer of gambling software for the global internet casino and poker markets. Thursday, August 3, the Toronto Company said it earned $8.2 million. 59 cents a share for the end of June, that's more than 50 percent from $4.7 million or 33 cents for the same period last year.

The growth in the company's performance was due to strong organic growth in online poker software fees and a particularly strong quarter in online software fees. It was the result of the companies release of the new casino games and CrytoLogic's expanded high-margin slot software games.

Usually the spring quarter is a slow one for online gaming, but the company is pleased with its performance. Also the company is pleased because the company's licenses had to compete for players' attention with the World Cup in June and early July, particularly in Britain and continental Europe.

Lewis Rose, CryptoLogic's president and CEO, said, "CryptoLogic's new casino games went head-to-head with the World Cup and warm weather-the-won. Our Q2 revenue and earnings were far ahead of expectations and surpassed our results (for the first quarter), which is typically a strong 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."