DUBLIN, IRELAND, Oct. 15, 2009 (Marketwire) --
DUBLIN, IRELAND -- (Marketwire) -- 10/15/09 -- CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a global developer of branded online betting games and internet casino software, provides the following business update ahead of the results for the third quarter, to be announced on Thursday November 5, 2009.
Uncertain macroeconomic conditions and sluggish wagering activity across the industry continued in the third quarter, contributing to a significant decline in wagering volumes at CryptoLogic in both casino and poker compared with the previous year. While the third quarter is traditionally the slowest season for Internet gaming, the seasonal uptick in demand normally seen in September was well below historic trends.
There was a strong take-up of branded CryptoLogic games by new licensees during the third quarter. The company expanded its total number of branded games on the market to 33, up from 13 in the second quarter and three in Q1 2009. As most of the new games scheduled for the quarter were not launched by customers until late in the period, revenue from these will only start to come through from Q4 2009.
As a result, the company expects to report Q3 2009 revenue of approximately $9.6 million and a trading loss of approximately $3.4 million. The pipeline of new business continues to be strong and with a substantially expanded base of 28 new licensees, management remains confident of its strategy to return the business to profitability and long term growth, albeit at a slower rate than anticipated by management and the market.
The fourth quarter has started well and an up-to-date outlook for the period will be provided with the Q3 2009 results announcement.
About CryptoLogic® (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading public developer and supplier of Internet gaming software. With more than 280 games, CryptoLogic has one of the most comprehensive casino suites on the Internet, with award-winning games featuring some of the world's most famous action and entertainment characters. The company's licensees include many top Internet gaming brands, including the "big four" international operators. CryptoLogic's leadership in regulatory compliance makes it one of the few companies with gaming software certified to strict standards similar to land-based gaming. WagerLogic® Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of gaming software and services to blue-chip customers that offer their games to non-U.S. based players around the world.
