CryptoLogic Announces 34 Percent Revenue Growth And 35 Percent Earnings Growth In First Quarter Results.TORONTO--(BUSINESS WIRE)--April 22, 1999-- CryptoLogic Inc CryptoLogic Inc. is a Toronto-based online gambling software supplier, one of the four largest in the industry along with Microgaming, Playtech, and Real Time Gaming. CryptoLogic was founded by brothers Andrew and Mark Rivkin in 1995 from the basement of their parent's house. .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRY.) (stated in US$) CryptoLogic Inc. announced today its first quarter results. Total revenue for the quarter ended March 31st, 1999 totaled US $8.3 million, an increase of US $2.1 million or 34 percent over the same period last year. Net earnings for the quarter totaled US $5.4 million, an increase of US $1.4 million or 35 percent over the same period last year. As a result, earnings per share in the first quarter of 1999 were US $0.64 compared to US $0.48 in the first quarter of 1998. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, earnings per share were US $0.35 for the first quarter of 1999, compared to US $0.26 for the first quarter of 1998. At the end of the first quarter, CryptoLogic's cash and cash equivalents, including restricted cash totaled US $30.7 million. -0- --------------------------------------------------------------- (Amounts stated in millions of U.S. dollars, except per share disclosure) 1st Qtr 1999 1st Qtr 1998 --------------------------------------------------------------- Gross revenue $8.3M US $6.2M US --------------------------------------------------------------- Net income $5.4M US $4.0M US --------------------------------------------------------------- Earnings per share $0.64 US $0.48 US --------------------------------------------------------------- Fully diluted earnings per share $0.35 US $0.26 US --------------------------------------------------------------- Cash flow from operations $7.3M US $2.3M US --------------------------------------------------------------- Cash flow from operations per share $0.86 US $0.28 US --------------------------------------------------------------- Fully diluted cash flow from operations per share $0.47 US $0.15 US --------------------------------------------------------------- Average number of shares 8.5M 8.2M --------------------------------------------------------------- Avg. fully diluted number of shares 15.4M 15.2M --------------------------------------------------------------- On April 15, 1999, the Company announced its plans to make formal application for listing on the Nasdaq National Market. This will enable the Company to have greater investment exposure in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. marketplace. CryptoLogic's corporate site www.cryptologic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log .com has been re- re- word element [L.], back; again; contrary, etc. re- pref. 1. Again; anew: rebreathing. 2. Backward; back: recurvation. designed and updated. Our site provides shareholder and investor information in our new, easy to navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. design. Additions to this site include detailed financial history, as well as product information. CryptoLogic's wholly owned licensing subsidiary, IOLL, has launched its web site www.ioll.com. This site has been designed to provide information for investors interested in licensing the Company's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Gaming Software. CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. private financial transactions over the Internet. CryptoLogic continues to innovate in·no·vate v. in·no·vat·ed, in·no·vat·ing, in·no·vates v.tr. To begin or introduce (something new) for or as if for the first time. v.intr. To begin or introduce something new. and develop state of the art Internet software applications for both electronic commerce and Internet gaming. CryptoLogic's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CRY. There are currently 8.5 million common shares outstanding (15.4 million shares fully diluted). -0-
INVITATION TO PARTICIPATE
IN ANALYST CONFERENCE CALL
Date: Monday April 26, 1999
Time: 11:30 a.m. EST
Dial-In Number: 1-800-348-6433
---------------------------------------------------------------
Andrew Rivkin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Mark Rivkin, Executive Vice President and COO (Cell Of Origin) See mobile positioning. of CryptoLogic Inc., cordially invite you to participate in the Company's analyst conference call. Management will briefly review the financial results and performance for the first quarter of 1999. Management's comments will be followed by a question and answer period. CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming. To participate in the call, please dial 1-800-348- 6433approximately 5 minutes before the scheduled starting time Noun 1. starting time - the time at which something is supposed to begin; "they got an early start"; "she knew from the get-go that he was the man for her" commencement, get-go, offset, outset, showtime, start, kickoff, beginning, first . To participate in the question and answer period following management's comments, press the "1" key on your telephone pad, followed by the "4" key. You will be held in priority sequence. If your question has already been answered and you wish to decline from the polling process, press the "1" key followed by the "3" key. If you are accidentally disconnected from the call, you may re-dial the bridge at 1-800-348-6433If you encounter any difficulties during the call, please hang up and call the Confertech Help Line at 1-800-267-5196. For those who are unable to participate in the scheduled conference call, a rebroadcast will be available from approximately one hour after the completion of the call, up until midnight, April 30, 1999. To listen to the rebroadcast, please call 1-800-558-5253 and then enter the reservation number 1230381 following the instructions given. We hope you will be able to participate. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion