The online gaming software developer reported record financial results for the first quarter 2006 and announced an exclusive three-year licensing deal to develop a new casino site featuring Playboy.
Total revenues increased 33% to $27.0 million, ahead of the company\’s guidance of $25.1 to $25.5 million, while profit before tax grew 49% to $8.7 million.
Fees or licensing revenues from the casino business, which are calculated as a percentage of a licensee\’s level of activity in its online casino site, accounted for 56% of total Q1 2006 revenue. Fees from online poker, which include a percentage of the licensee\’s rake from ring games and fixed fees for tournament\’s entries, represented 36% of Q1 2006 revenue.
Other sources of revenue, which include licensing revenue from online bingo software and fees for software customization and marketing support, represented respectively 1% and 8% of Q1 2006 total revenue.
CryptoLogic continues to be well-diversified in the key global markets for online gaming, with international players accounting for more than 65% of Q1 2006 total revenue and in particular the UK and Continental Europe representing the vast majority (60% of total).
“It\’s been another excellent quarter for CryptoLogic, with results that surpassed our expectations,” said Lewis Rose, CryptoLogic\’s President and CEO. “CryptoLogic\’s innovative casino games and expanding poker offering continue to be major growth drivers. The results: record revenue and earnings that validate the strength of CryptoLogic\’s strategy, products and customer discipline. As we welcome a new customer – the iconic Playboy brand – CryptoLogic is poised to build on growing returns to shareholders through increasing performance and an increase in our quarterly dividend.”
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