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Cryptologic Loses Ground In First Quarter

Online wagering gaming developer Cryptologic has posted its first quarter 2012 financial results, which show disappointing results despite being taken over by Amaya Gaming.

Key financial indicators for the period ending March 31st were:

  • Net loss of $2.2 million (Q1,2011: $600,000 loss)

  • Total revenue of $5.3 million (Q1,2011: $6.0 million)

  • Total expenses of $7.5 million (Q1,2011: $6.5 million)

  • Net cash of $16.7 million (Q4,2011: $16.6 million)

  • Signed three licensing deals for CryptoLogic games with operators Betdaq, Loto Quebec and NeoGames

  • $35.8 million takeover by Amaya Gaming Group Inc

  • In February CryptoLogic recommended a $35.8 million cash offer from Amaya, which now possesses 88.15% of CyrptoLogic's shares

Even with the decrease in revenues the company remains debt free.

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