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.