CryptoLogic Inc. reports record financial results

Online poker software developer CryptoLogic Inc. today reported record annual financial results for 2006. The company grew both revenue and earnings by 21% to $104.0 million and $24.8 million, respectively.

CryptoLogic's Earnings rose to $1.81 per fully diluted share, a 24% increase over 2005. The company ended the year with $128.4 million in total cash.

"While 2006 was a challenging year for the industry, it was another record year for CryptoLogic - and we enter 2007 with both focus and momentum," said Lewis Rose, CryptoLogic's President and CEO.

"We've launched five new customer sites since December, and have three more in the queue - including two for Holland Casino, CryptoLogic's first government-owned customer."

"With our largest licensees on long-term agreements, and modest revenue expected this year from our new Asian venture, CryptoLogic is poised for long-term growth in the European markets of today -- and the Asian markets of tomorrow," said Lewis Rose

Several well-known poker sites are part of the CryptoLogic network, including InterPoker, William Hill Poker and Sun Poker.

courtesy of Erik Sylven

News Added: 15 February, 2007

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