The online gaming software developer announced its financial results for the fourth quarter: revenues up 40%, earnings up 54%, poker fees up 92%, casino fees up 20%.
CryptoLogic said its full-year revenues rose 35% to $86.3 million, with earnings of $20.5 million, up 45%.
The online poker fees for the full year grew 126% to $27.0 million, while internet casino revenues rose 11% to $53.0 million.
The company\’s geographic diversification remained on track with licensees\’ revenue from international markets exceeding 65% of total revenue, up from over 60% in 2004. The UK and Continental Europe remain the largest markets, together accounting for more than 60% of licensees\’ overall revenue.
CryptoLogic also continued to add to its financial strength. At December 31, 2005, the company had no debt and total cash grew to $99.1 million.
“For CryptoLogic, 2005 marked a decade of innovation and consistent performance,\’ said Lewis Rose, CryptoLogic\’s President and CEO.
“It was a milestone year of delivering the world\’s most innovative games to some of the world\’s most trusted gaming and entertainment brands. The results speak for themselves – we achieved all-time highs in revenue and earnings. CryptoLogic is among the industry growth leaders in both the Internet casino and Internet poker markets,” he added.
The launch of a new Greek-language internet poker site for William Hill marked the first multi-language version of CryptoLogic-developed poker software. CryptoLogic received Gambling Online Magazine\’s \’Top Casino Software\’ Award, while WagerLogic was named \’iGaming Software Provider of the Year\’ at the 2006 UK Gambling Awards.
The company, which by executing a disciplined strategy that targets key customers, product segments and markets, has achieved record revenue and earnings even in the fast-evolving and increasingly competitive internet gaming industry, expects its positive momentum to continue into 2006. Revenue in the first quarter is forecasted to range from $25.1-$25.5 million, with earnings of $6.7-$6.9 million.
CryptoLogic\’s growth plan remains principally focused on driving significant organic growth from its existing customers, while targeting selected new customers that meet the clear criteria of brand strength, established player bases and marketing resources and commitment.
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