Strong performance for Cryptologic

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The Toronto-based company reported the results from the second quarter of 2005, showing a 33% increase in revenue to $19.9m, while earnings were up 48% to $4.7m.

Cryptologic said the improvements reflect continuing growth of its licensees\’ internet poker businesses and a steady organic growth from existing customers in its core casino market.

Internet poker fees from its WagerLogic subsidiary rose nearly 180 per cent over last year and increased 17 per cent over this year earlier quarter, accounting for more than 30 per cent of Q2 sales.

Internet casino revenue rose almost 4 per cent from the same period last year and represented about 60 per cent of sales.

The Canadian software developer said it continued its geographical diversification and more than 65 per cent of revenues now come from international players, with Britain and Continental Europe as the largest contributors.

Cryptologic released new enhancements to its poker software, including an expanded range of lower-limit tables, which has proved popular with players, and introduced new games, including multi-line video slots and scratch card games.

“CryptoLogic continues to benefit from both the right products and the right strategy,” said Chief Executive Lewis Rose.

“For CryptoLogic, this means offering the best games to some of the world\’s best gaming brands and investing in the world\’s best markets for online gaming. That’s why we’re achieving positive returns through solid casino performance and 17% sequential quarterly growth in poker, well ahead of the Internet poker industry.”