otal expenses were reduced by us$ 600,000 when compared with the previous three-month period to us$ 5.9 million while its income before tax improved by 160 percent quarter-on-quarter to us$ 1.3 million.
In addition, the firm stated that operating expenses had decreased by us$ 400,000 quarter-on-quarter to us$ 4.1 million for the third quarter of the year with general and administrative outgoings dropped to us$ 1.5 million from us$ 1.6 million in the second quarter of 2011.
All of this saw Cryptologic report a 26.6 percent quarter-on-quarter rise in cash and equivalents to $15.2 million helped by a nearly 50 percent boost in revenues when compared to the previous three-month period from its Poker and Other segment to us$ 300,000.
“The board is encouraged by the performance in the quarter and continues to focus on increasing revenues while managing costs tightly to enhance shareholder value,” read a statement from Cryptologic.
“Further to the announcement on May 12, the company remains in dispute with a brand licensor. In June of 2011, the company filed suit against the brand licensor seeking judgment that any breach was cured and the agreement remains in force. In October of 2011, the brand licensor answered the complaint denying any cure and filed a countersuit.
“On March 25, the company announced that it had appointed Deloitte Corporate Finance as financial advisor to assist it with a strategic review of the company. The strategic review is ongoing and further announcements will be made as and when appropriate.”