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Copyright 2004 AFX News Limited
AFX.COM
November 5, 2004 Friday
HEADLINE: Cryptologic Q3 basic EPS 22c vs 18c;
beats company expectations - UPDATE
BODY:
(Recasts, adds detail of previous forecasts,
strong poker ops)
CryptoLogic Inc, the internet gaming
software developer, posted better-than-forecast third-quarter
results, saying its performance had been driven by the rapid growth
of its online
poker product and a solid performance by the internet
casino business.
Basic earnings per share came in at 22
cents, up from 18 cents in the comparable period a year earlier,
on the back of a 43 pct rise in quarterly sales to 15.6 mln usd.
The company announced earlier today that it was raising its quarterly
dividend by 67 pct to 5c.
At the time of its half-year numbers,
the group had forecast sales in the third quarter of 14.0-14.3
mln usd and earnings per share of 14-15 cents.
Looking ahead, Cryptologic forecast fourth-quarter
revenues of between 15.9 mln and 16.2 mln usd, and diluted EPS
of 21-23 cents.
Online poker fees derived from its WagerLogic
software licensing subsidiary increased by more than 55 pct from
the previous quarter, and now account for more than 20 pct of
total third-quarter revenue.
In addition, the company said its core
casino business benefited from the popularity of new slot and
progressive jackpot games.
The UK and Continental Europe continued
to be core markets accounting for more than 30 pct and 20 pct
respectively of overall revenue.
tc
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