CryptoLogic (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a global
developer of branded online betting games and Internet casino
software, today announced its financial results for the three
months and full year ended December 31, 2009.
Full-year 2009 summary:
-- Revenue decreased to $39.8 million (2008: $61.5 million) reflecting
lower wagering activity across the industry, adverse currency factors,
and a reduced contribution from a key licensee
-- Net loss of $35.5 million (2008: $32.7 million), reflecting $24.8
million non-recurring charges for asset impairments and restructuring to
align the company's costs with its revenue base.
-- Total annual recurring cost base, which comprises operating, general and
administrative, finance and amortization expenses, reduced by $20.6
million to $55.0 million
-- Merged poker network with that of GTECH Corporation eliminating costs of
a standalone business
-- Branded games revenue increased to $2.8 million (2008: $0.3 million),
accounting for 7.1% of total revenue (2008: 0.5%) despite slower-than-
anticipated roll-out by licensees
-- Total licensee base expanded by 20 to more than 30 leading Internet
gaming operators including Betfair, Sportingbet, totesport and Virgin
Games
-- Signed deals with DC Comics, a division of Warner Bros., to develop
betting games featuring Batman, Superman and Wonder Woman; and with
Paramount Digital Entertainment for games based on 20 movies including
Braveheart, Forrest Gump and Ghost
-- Diluted loss per share of $2.78 (2008: $2.55 diluted loss per share)
-- Total dividend for the year amounted to $1.4 million (2008: $5.4
million), no dividend was declared in Q4 2009
Fourth quarter 2009 highlights:
-- Branded games revenue rose 51.7% sequentially to $1.2 million
-- Doubled the number of branded games in production to 66 from 33 in Q3
2009
-- Major relaunch and investment in virtual casino lobby to enhance long
term revenue opportunities
-- Cyprus office to relocate to Malta in line with the company's plan to
streamline operations
-- Signed three major licensees for branded games - BetClic, Rank
Interactive and UniBet
-- Launched first games based on Batman and Wonder Woman as well as Monkeys
to Mars, Triple Action Hold'em and Aces and Faces
2010 Outlook:
-- Improved revenue from hosted casino as new licensees go live and
existing licensees benefit from investment in major rebranding, a new
lobby and advertising initiatives
-- Branded games continue to gain momentum with the annual run rate
currently at $5 million as more games come on stream
-- Number of new branded games launched by licensees to date and generating
revenues currently at 74, with a backlog of approximately 125 games
-- Costs expected to reduce further in 2010 as additional measures are
implemented to manage overheads
Brian Hadfield, CryptoLogic's President and CEO said: "2009 was
a tough year as a number of adverse factors including a global
economic downturn overshadowed the company's progress in
implementing its innovative new strategy to reduce costs and return
to growth.
We have entered 2010 in better shape with a substantially
reduced cost base that will continue to be managed tightly. At the
same time, new business momentum remains encouraging as branded
games continue to roll out and hosted casino licensees implement
new initiatives. With new licensing activity staying strong and the
overall online casino/gaming market showing some improvement, we
look to the year with cautious optimism."
Investor/analyst conference call
CryptoLogic will hold a conference call today at 8:30 a.m.
Eastern time (1:30 p.m. GMT) to update investors on the company's
progress. The details of the call are as follows:
Toll Free North America: 1-800-766-6630
Toll Free UK: 00 800-4222-8835
Toll Free International (Country Code) 800-4222-8835
Toronto Dial-In Number: 416-340-8410
To participate, please call five to ten minutes prior to the
8:30 a.m EST / 1:30 p.m GMT start of the teleconference. This
conference call will be recorded and available for replay
approximately one hour after the completion of the call, up until
midnight (EST) March 9, 2010. To listen to the replay, please dial
416-695-5800 or for North America only 1-800-408-3053, passcode
6122324#. A transcript of the call will also be made available on
CryptoLogic's website at www.cryptologic.com under Investor
Information.
Webcast
To access the live audio webcast, please go to
www.cryptologic.com and click on Investor Information/Events, or
http://events.digitalmedia.telus.com/cryptologic/030110/index.php
prior to 8:30 a.m. EST/1:30 p.m. GMT Windows Media Player is
required to listen to the webcast. If you do not have the player, a
free download is available at www.microsoft.com. A rebroadcast of
the webcast will be available for 120 days.
Overview
2009 was a difficult year for CryptoLogic as the company
implemented its innovative new strategy to return to profitability
and long term growth against the backdrop of a severe global
economic downturn, which blunted the solid progress made by the
company to improve its long term performance.
The total annual recurring cost base, consisting of operating,
G&A, finance and amortization was reduced by $20.6 million or
27.3% to $55.0 million for the year, partly reflecting a decline in
the total workforce to 211 from 276 in 2008 and 310 in 2007. At the
same time, new business activity remained strong with more than 30
licensees on CryptoLogic's roster, including two full hosted casino
customers' wins during the year. The company also achieved four
consecutive quarters of revenue growth from branded games licensed
and launched by some of the world's leading online gaming operators
such as 888.com, Betfair, BskyB, PartyGaming, Sportingbet and
Unibet.
However, the positive underlying picture was more than offset by
a number of adverse factors including challenging economic
conditions that significantly reduced wagering volumes across the
industry and contributed to lower hosted Internet casino and poker
revenues at CryptoLogic. In addition, the results were impacted by
the strength of the US dollar against the euro and the British
pound, accounting for a $3.7 million decline in reported revenues
in 2009. Excluding the currency factors, total revenues fell by
29.2% for the year.
As announced previously, the company incurred a $24.8million
charge against the carrying value of its assets, together with
costs relating to restructuring initiatives in Q4 2009 to lower
operating expenses.
Restructuring for growth
The company executed a major restructuring of the business in
2009 aimed at focusing on its strengths as a developer and licensor
of content-rich branded online betting games and the provision of
hosted virtual casino rooms and associated services for Internet
gaming operators worldwide.
In March 2009, the company completed the merger of its poker
business with GTECH Corporation's Boss Media subsidiary, thereby
eliminating the costs of a standalone network while improving poker
room liquidity for players This move, together with a
rationalisation of IT infrastructure and operational centres,
contributed to a reduction in operating expense by 28.4% or $15.8
million to $39.9 million in 2009 (2008: $55.6 million),
significantly ahead of management's expectations.
Approximately $8.3 million of the savings came from headcount
related expenses, about $2.6 million from infrastructure and
facilities downsizing including a cut in server costs and about
$4.9 million in operational savings across the business. The total
number of operational data centres was cut from 11 to five.
Management expects operating costs to decrease further in 2010
through new initiatives being implemented to streamline operations
and lower overall employee expenses. The company today announced
the integration of its Cyprus office with its existing operations
in Malta, which is a major EU jurisdiction for the online gaming
industry and the primary licensing authority for CryptoLogic. Malta
is fully committed to supporting the industry with investment in
additional infrastructure. As a result, the relocation, which is to
be completed later this year, will enhance our customer service and
back office capability where many of CryptoLogic's licensees
already have a major presence. Staff based in Cyprus are being
offered the opportunity to relocate to Malta.
New customer signings and branded games drive revenue
CryptoLogic significantly increased its customer acquisition
activities in 2009 as part of its 'build-once-license often'
business model to leverage its strong position as an innovator and
creator of branded online betting games. The company signed 20 new
multiyear licensing deals during 2009 compared with 10 in 2008,
taking the total licensee base to more than 30. Two of the deals
were for full casino hosting contracts with The Gaming Network and
BetSafe.com. The remainder involved licensing of CryptoLogic's
award-winning branded casino and casual games to many leading
operators including Bet24, GalaCoral, Paddy Power, Rank
Interactive, totesport, Victor Chandler Group and Virgin Games.
Hosted Internet Casino
Revenue from hosted casino decreased 28.4% to $30 million for
the year (2008: $41.8 million) reflecting the impact of the
economic downturn on wagering volumes and the previously reported
transition of two licensees. Hosted casino remains a key element in
our strategy. As highlighted above with the signing of two full
casino licensees. In addition, the company invested in the
development of a new, user-friendly casino lobby; the addition of a
new credit card processor; new payment options; the launch of 47
new games and assisted a major licensee in the repositioning of its
brand and the development of a new advertising campaign. The
revenue benefits will accrue from 2010.
Branded Games
Branded games revenues rose to $2.8 million for the year ended
December 31, 2009 (2008: $0.3 million), accounting for 7.1% of
total revenue in 2009 (2008: 0.5%). During the year, the number of
games launched by licensees increased steadily from 3 to 66 at the
end of the 2009. The majority of these games went live in the
second half of the year including 20 games in third quarter and 33
games in the fourth quarter.
Although branded games revenue increased four quarters in a row,
the growth rate was held back by a slower than expected roll-out by
some licensees. The company expects branded game revenue to
increase in 2010 as it benefits from a full year of revenue on
games delivered in 2009 and from more games due to be launched from
around a further 125 contracted by licensees.
In early 2009, CryptoLogic expanded its portfolio of branded
content by signing an exclusive agreement with DC Comics, a
division of Warner Bros., Digital Distribution and DC Comics to
bring characters such as Superman, Batman and Wonder Woman to
Internet casinos. This was followed by a deal giving CryptoLogic
exclusive rights to offer online slot games based on more than 20
of Paramount Pictures' feature films titles including Braveheart,
Forrest Gump, Beowulf and Beverly Hills Cop.
Investing in E-gaming innovation
New games development activity remained strong with 47 new games
released during 2009. Following the agreement with DC Comics, a
division of Warner Bros., in October 2009 CryptoLogic launched the
first games based on comic heroes Batman and Wonder Woman, further
enhancing CryptoLogic's unique offering for its customers, allowing
it to expand its licensees for both Internet Casino and branded
games.
Batman battles The Joker in the internet world's first and only
Batman slot machine. This groundbreaking 50-line game features
stacked wilds and a Batman re-spin feature where all prizes are
doubled as three free spins are played with one reel completely
wild. Armed with a Batarang, players fight through the inmates of
Arkham Asylum to stop The Joker, earning cash prizes.
During the year CryptoLogic brought out a slot version of Jenga,
one of the world's most popular board games, developed by its
Centre for Innovation in record time. Other games launched included
Call of Duty 4: Modern Warfare, Street Fighter IV, Savannah
Sunrise, Buccaneers' Bounty and Cleo Queen of Egypt. The Centre
continues to play a major role in the creation of new games
offering high entertainment value to players. Building on its
success with Jenga, it developed a portfolio of new games including
a new table game called Triple Action Hold'Em; and a video poker
game, Aces and Faces.
In addition, the company is actively developing gaming content
tailored for the rapidly expanding mobile Internet, social
networking and 3-D environments. It anticipates launching its first
3-D games in Q2 2010.
Financial performance
Total Revenue:
Revenue in the fourth quarter was $9.9 million, a decrease of
12.6% as compared with the same period in the prior year (Q4 2008:
$11.4 million). Compared with the previous quarter, revenue was up
by almost 3.5%.
Internet casino revenue increased 17.4% to $8.7 million for the
quarter ended December 31, 2009 when compared to the same period in
the prior year (Q4 2008: $7.5 million). Internet casino revenue,
when compared to Q3 2009 increased by 23.2% due primarily to a
revision of our estimate to discharge future jackpot payouts of
$0.8 million, a non recurring $0.8 million benefit associated with
the resolution of a commercial matter, which was initially recorded
in other revenue in the third quarter but reclassified to casino
revenue to be consistent with prior presentation of similar items.
The U.S. dollar was relatively weak during the quarter which
increased revenue by $0.4 million. Offsetting this increase was a
decrease in revenue at one of the company's major licensees.
Q4 2009 Internet poker revenue decreased 79.7% to $0.5 million
(Q4 2008: $2.7 million). The decrease in Internet poker revenue was
primarily due to the transition of the poker network to GTECH,
which reduced the number of the company's poker licensees, fees
paid to GTECH, and a decline in the overall poker industry.
Internet poker revenue increased by 8.4% when compared to Q3 2009
as the company optimizes the GTECH environment.
Branded games revenue was $1.2 million for the three month
period ended December 31, 2009 (2008: $0.3 million). During the
quarter, the company's branded games revenue increased by 51.7%
sequentially as the number of revenue producing games increased
from 33 to 66 games. The majority of the games delivered were late
in the fourth quarter. The company expects branded game revenue to
increase in 2010 as it benefits from a full year of revenue on
games delivered in 2009 and increases the number of revenue
producing games.
Operating Expense
Q4 2009 operating expense was $12.6 million. (Q4 2008: $13.3
million) Included in the operating expense for the quarter was a
$1.5 million investment in a major relaunch of a virtual casino
lobby for the company's major licensees and asset impairments of
$1.7 million associated with the company's comprehensive balance
sheet review brought on by the difficult macroeconomic conditions.
After normalizing for the two non recurring items, operating
expense was $9.3 million roughly flat when compared to Q3 2009.
Operating expenses were impacted by increased investment in
software development capability in lower cost jurisdictions,
primarily in Eastern Europe and increased marketing program related
costs.
General and Administrative Expense
In Q4 2009, G&A expense was $2.5 million. (Q4 2008: $3.7
million). G&A expense in Q3 2009 was $2.4 million. G&A
expense increased 4.0% when compared to the previous quarter due to
increased professional fees associated with our annual audit and
compliance with Sarbanes Oxley off set in part by decreased
consulting fees associated with the protection of our intellectual
property.
Asset Impairments
The company regularly reviews its assets for impairment. During
Q4 2009, the company completed its review of its long term
investments and noted various indicators of impairment including
significant financial difficulty, restructuring activities and
limited ability to operate a profitable business in the short and
medium term. Consequently, the company determined that the carrying
value of its long term investments in Mobilebus, Mikoishi, Jingle
and 568 Inc. were greater than their respected fair values
resulting in an impairment charge of $2.3 million. The company also
reviewed certain software development projects as a result of
difficult macro-economic conditions and a decline in expected
future revenues, which resulted in an impairment charge of $2.7
million.
Reorganization Charges
The company expanded its reorganization plan initially announced
in 2008, due to continued unfavorable macroeconomic conditions and
will outsource additional technology infrastructure activities,
consolidate more of its data centre operations, and migrate
additional functions to lower cost jurisdictions resulting in
further reduction in headcount and a reduction of its leased office
space in both Canada and Cyprus. Reorganization expense recorded in
2009 was $7.1 million and comprises consulting fees required to
execute the plan of $1.1 million, severance of $1.1 million, lease
termination costs associated with the office space in Canada of
$1.8 million and associated asset impairments of $3.1 million. The
company expects cash outlays of $3.0 million, primarily on lease
termination costs in Toronto and employee severance, to fully
execute the restructuring plan.
Earnings and Earnings per Diluted Share:
The company recorded a loss of $24.8 million for the quarter
($1.97 per fully diluted share), due primarily to $19.9 million in
non-recurring charges for reorganization of our business,
impairments of goodwill and other asset impairments.
Balance Sheet and Cash Flow:
At December 31, 2009, CryptoLogic ended the year with $23.7
million of net cash (comprising cash and cash equivalents,
restricted cash and security deposits) or $1.71 per diluted share
(December 31, 2008: $43.8 million or $3.15 per diluted share). The
decrease in net cash of $20.1 million is primarily due to cash
impact of operating losses ($10.2 million), dividends paid ($1.4
million), increase in prepaid assets ($2.6 million) due primarily
to payments to royalty providers including DC Comics, Marvel and
Paramount offset by amortization, increase in accounts receivable
($1.8 million) due primarily to the outsourcing of the poker
network and the increase in branded games which each have a one
month delay in cash settlement and decrease in accounts payable and
accrued liabilities ($5.2 million) due to decrease in activity
consistent with a cost reduction plan and the capital expenditures
($0.4 million), investments in Asia ($0.5 million). These decreases
are offset by net tax refunds of $2.0m. CryptoLogic continues to be
debt free.
CryptoLogic's working capital at December 31, 2009 was $26.5
million or $1.91 per diluted share (December 31, 2008: $41.2
million or $2.97 per diluted share).
2010 Outlook:
-- Improved revenue from hosted casino as new licensees go live and
existing licensees benefit from investment in major rebranding, a new
lobby and advertising initiatives
-- Branded games continue to gain momentum with the annual run rate
currently at $5 million as more games come on stream
-- Number of new branded games launched by licensees to date and generating
revenues currently at 74, with a backlog of approximately 125 games
-- Costs expected to reduce further in 2010 as additional measures are
implemented to manage overheads
CryptoLogic will hold its annual general meeting in Dublin on
May 17, 2010.
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release, which are not historical are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on certain factors and
assumptions including expected growth, results of operations,
performance, business prospects and opportunities, foreign exchange
rates and effective income tax rates. While the company considers
these factors and assumptions to be reasonable based on information
currently available, they may prove to be incorrect. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, risks associated with
the company's financial condition, prospects and opportunities,
legal risks associated with Internet gaming and risks of
governmental legislation and regulation, risks associated with
market acceptance and technological changes, risks associated with
dependence on licensees and key licensees, risks relating to
international operations, risks associated with competition and
other risks detailed in the company's filings with securities
regulatory authorities. These risks may cause results to differ
materially from those projected in the forward-looking statements.
Forward-looking statements are given only as at the date of this
release and the company disclaims any obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise, except as otherwise
required by law.
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 300 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.
For information on WagerLogic, please visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange
(CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main
Market of the London Stock Exchange (CRP).
CRYPTOLOGIC LIMITED
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As at As at
December 31, December 31,
2009 2008
----------------------------------------------------------------------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 23,447 $ 36,348
Restricted cash - 7,175
Security deposits 250 250
Accounts receivable and other 7,972 6,002
Income taxes receivable 681 653
Prepaid expenses 9,426 6,564
----------------------------------------------------------------------------
41,776 56,992
User funds held on deposit 7,929 10,833
Future income tax 1,549 1,930
Capital assets 7,774 18,703
Long-term investments - 5,821
Intangible assets 4,342 4,982
Goodwill - 6,545
----------------------------------------------------------------------------
$ 63,370 $ 105,806
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 13,156 $ 15,356
Income taxes payable 2,157 413
----------------------------------------------------------------------------
15,313 15,769
User funds held on deposit 7,929 10,833
Future income tax 384 382
----------------------------------------------------------------------------
23,626 26,984
----------------------------------------------------------------------------
Minority interest 2,948 6,382
Shareholders' equity:
Share capital 33,916 33,552
Stock options 7,633 6,856
Deficit/retained earnings (4,753) 32,032
----------------------------------------------------------------------------
36,796 72,440
$ 63,370 $ 105,806
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(In thousands of U.S. dollars, except per share data)
(Unaudited)
For the three months For the year
ended December 31, ended December 31,
2009 2008 2009 2008
----------------------------------------------------------------------------
Revenue $ 9,930 $ 11,360 $ 39,794 $ 61,526
----------------------------------------------------------------------------
Expenses
Operating 12,563 13,340 39,867 55,645
General and administrative 2,476 3,724 10,181 13,660
Reorganization 6,184 1,390 7,111 1,390
Goodwill impairment 6,545 - 6,545 -
Asset impairments 5,026 16,094 8,987 16,094
Poker room integration costs - 3,124 - 3,124
Departure costs for former
CEO - 1,591 - 3,400
Finance 17 28 83 359
Amortization 1,111 1,505 4,856 5,931
----------------------------------------------------------------------------
33,922 40,796 77,630 99,603
----------------------------------------------------------------------------
Loss before undernoted (23,992) (29,436) (37,836) (38,077)
Interest income 66 16 446 2,077
Non operating income - - - 102
----------------------------------------------------------------------------
Net loss before income taxes
and minority interest (23,926) (29,420) (37,390) (35,898)
Income taxes
charge/(recovery)
Current 1,229 (40) 664 542
Future 2,203 (874) 419 (1,026)
----------------------------------------------------------------------------
3,432 (914) 1,083 (484)
----------------------------------------------------------------------------
Net loss before minority
interest (27,358) (28,506) (38,473) (35,414)
----------------------------------------------------------------------------
Minority interest (2,539) (2,538) (2,963) (2,676)
----------------------------------------------------------------------------
Net loss and comprehensive
loss $ (24,819) $ (25,968) $ (35,510) $ (32,738)
----------------------------------------------------------------------------
Net loss per common share
Basic
$ (1.97) $ (2.05) $ (2.78) $ (2.55)
Diluted
$ (1.97) $ (2.05) $ (2.78) $ (2.55)
----------------------------------------------------------------------------
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF DEFICIT/RETAINED EARNINGS
(In thousands of U.S. dollars)
(Unaudited)
For the year ended
December 31,
2009 2008
----------------------------------------------------------------------------
Retained earnings, beginning of year $ 32,032 $ 70,855
Net loss for the year (35,510) (32,738)
Dividends paid, excluding those paid to CEC
shareholders (1,275) (4,992)
Excess of purchase price of treasury shares
over stated value - (1,093)
----------------------------------------------------------------------------
Deficit/retained earnings, end of year $ (4,753) $ 32,032
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF CASHFLOWS
(In thousands of U.S. dollars)
(Unaudited)
----------------------------------------------------------------------------
For the three months For the year
ended December 31, ended December 31,
2009 2008 2009 2008
----------------------------------------------------------------------------
Cash flows from (used in):
Operating activities:
Net loss $ (24,819) $ (25,968) $ (35,510) $ (32,738)
Adjustments to reconcile
earnings to cash provided
By (used in) operating
activities:
Amortization 1,111 1,505 4,856 5,931
Asset impairments 5,026 16,094 8,987 16,094
Goodwill impairment 6,545 - 6,545 -
Poker room integration
costs - 3,124 - 3,124
Reorganization costs to be
paid 2,924 658 2,924 658
Impairments of capital
assets 4,020 - 4,020 -
Unrealized (gain)/loss on
forward contract (75) 656 (252) 536
Future income tax 2,166 (790) 419 (1,026)
Minority interest (2,539) (2,538) (2,963) (2,676)
Stock options (1) 282 777 1,895
--------------------------------------------------------------------------
(5,642) (6,977) (10,197) (8,202)
---------------------------------------------------------------------------
Change in operating assets
and liabilities:
Accounts receivable and
other (236) 2,142 (1,766) 2,821
Prepaid expenses (458) 3,603 (2,610) 1,212
Accounts payable and
accrued liabilities (1,293) (2,357) (5,211) (9,434)
Income taxes payable 2,932 (382) 2,011 (4,988)
----------------------------------------------------------------------------
(4,697) (3,971) (17,773) (18,591)
----------------------------------------------------------------------------
Financing activities:
Dividends paid including
those paid to CEC
shareholders (139) (408) (1,381) (5,426)
Issue of capital stock - - - 189
Repurchase of capital stock - (54) - (1,419)
----------------------------------------------------------------------------
(139) (462) (1,381) (6,656)
----------------------------------------------------------------------------
Investing activities:
Purchase of capital assets 89 (187) (445) (4,535)
Purchase of long-term
investments - (300) (477) (2,695)
Cash paid for Casino.co.uk - - - (1,254)
Decrease in restricted cash - 1,339 7,175 13,401
Decrease in security
deposits - 350 - 1,250
----------------------------------------------------------------------------
89 1,202 6,253 6,167
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Decrease in cash and cash
equivalents (4,747) (3,231) (12,901) (19,080)
----------------------------------------------------------------------------
Cash and cash equivalents,
beginning of year 28,194 39,579 36,348 55,428
----------------------------------------------------------------------------
Cash and cash equivalents,
end of year $ 23,447 $ 36,348 $ 23,447 $ 36,348
----------------------------------------------------------------------------
Contacts: CryptoLogic Stephen Taylor Chief Financial Officer
+353 (0) 1 234 0415 www.cryptologic.com Corfin Communications Neil
Thapar (UK media only) +44 207 977 0020 Corfin Communications
Alexis Gore or Harry Chathli (UK media only) +44 207 977 0020
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