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Cryptologic Shows Improvement During Second Quarter

Online gambling software developer Cryptologic has released its financial results for the Second Quarter of 2011. The results show modest but positive growth.

Financial indicators for the second quarter were:

  • Total revenue of $7.0 million compared to $6.0 million in the first quarter
  • Total expenses of $6.5 million, which is identical to the first quarter
  • Income before taxes of $500,000, which beat the first quarter's loss of $400,000
  • Cash on hand of $12.0 million, which was down from $14.5 million in the first quarter
  • A Millionaire's Club jackpot win of $4.2 million which was paid out in June 2011
  • Revenues in the second quarter were boosted by a reduction of $800,000 in liabilities due to a resolution of a dispute with a games supplier
  • Casino licensees generated revenue of $5.7 million, up from $5.2 million during the first quarter
  • Branded games revenue rose to $2.1 million from $1.5 million during the first quarter, with six new branded games launching during the quarter
  • Online poker dropped by $200,000 in the second quarter to $200,000
  • Operating expenses were lowered from $4.7 million in the first quarter to $4.5 million in the second quarter
  • General expenses rose from $1.4 million to $1.6 million in the second quarter

Cryptologic management said that the company's board is happy with the second quarter performance and continues to strive to raise revenues while managing costs.

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