CryptoLogic fourth-quarter profit up
Sales rose 7 percent to us$ 20.4 million from us$ 19 million in 2006. Online casino revenue rose to us$ 14 million from us$ 10 million while online poker revenue fell to us$ 4.6 million from us$ 6.7 million. Analysts polled by Thomson Financial expected profit of 21 cents on sales of us$ 18.6 million.
The company said casino growth was partly due to its newest lineup of casino games launched in October and to the launch of its Spider-Man and Fantastic Four online slot games in December. Operating expenses fell to us$ 12.7 million from us$ 14.2 million in 2006.
For the 2007 fiscal year, profit plunged 77 percent on the US prohibition on Internet gaming that began in October 2006. The company earned us$ 5.7 million compared with us$ 24.8 million in 2006. Sales fell 29 percent to us$ 73.7 million from us$ 104 million. Cryptologic shares rose 94 cents to us$ 15.63 in morning trading.
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