CryptoLogic Announces Second Quarter Results: 54 percent Increase In Revenues, 48 percent Increase In Income.TORONTO--(BUSINESS WIRE)--July 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.) announced today its second quarter results. Total revenue for the three months ended June June: see month. 30th, 1999 totaled US $8.0 million, an increase of $2.8 million or 54 percent over the same period last year. Net income for the quarter totaled $4.9 million, an increase of $1.6 million or 48 percent over the same period last year. As a result, earnings per share in the second quarter of 1999 were $0.57 compared to $0.39 in the second 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 $0.32 for the second quarter of 1999, compared to $0.22 for the second quarter of 1998. At the end of the second quarter, CryptoLogic's cash and cash equivalents, including restricted cash totaled $36.4 million. Total revenue for the six months ended June 30th, 1999 totaled US $16.2 million, an increase of $4.8 million or 42 percent over the same period last year. Net income for the six months totaled $10.3 million, an increase of $3.1 million or 43 percent over the same period last year. As a result, earnings per share in the first six months of 1999 were $1.21 compared to $0.87 in the first six months of 1998. On a fully diluted basis, earnings per share were $0.67 for the first six months of 1999, compared to $0.48 for the first six months of 1998. (Amounts stated 2nd Six Months 2nd Six in millions of Quarter ended Quarter Months U.S. dollars, 1999 June 30, 1998 ended except per share 1999 June 30, disclosure) 1998 --------------------------------------------------------------- Revenue $8.0M 16.2M $5.2M $11.4M --------------------------------------------------------------- Net income $4.9M $10.3M $3.3M $7.2M --------------------------------------------------------------- Earnings per share $0.57 $1.21 $0.39 $0.87 --------------------------------------------------------------- Fully diluted earnings per share $0.32 $0.67 $0.22 $0.48 --------------------------------------------------------------- Cash flow from operations $5.7M $13M $4.1M $6.5M --------------------------------------------------------------- Cash flow from operations per share $0.67 $1.53 $0.49 $0.77 --------------------------------------------------------------- Fully diluted cash flow from operations per share $0.37 $0.84 $0.27 $0.42 --------------------------------------------------------------- Average number of shares 8.5M 8.5M 8.5M 8.3M --------------------------------------------------------------- Average fully diluted number of shares 15.6M 15.5M 15.3M 15.2M --------------------------------------------------------------- Total revenue for the second quarter was 3.4 percent lower than in the first quarter of 1999. In 1998, total revenue for the second quarter was 15.6 percent lower than in the first quarter of that year. Management believes that this trend can be attributed to seasonality and is similar to what is noted elsewhere in the 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 industry. The effect of seasonality is considerably less in 1999 (3.4 percent) than in 1998 (15.6 percent). On April 15, 1999, the Company announced its intentions to apply for listing on the Nasdaq National Market. Management anticipates the submission of its application to occur in the early fall as scheduled, enabling 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. Pursuant to the normal course issuer bid, the Company purchased 25,000 common shares at a price of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $17.50 during the latter part of June 1999. Under the issuer bid, which expires on May 12, 2000, the Company has the right to purchase an additional 400,000 common shares. During the quarter, CryptoLogic's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. IOLL completed two new licensing agreements for its gaming software and looks forward to the launch of Version 4.0 of this leading gaming application in the latter part of 1999. Management also continues to pursue opportunities in worldwide markets including Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Asia and Europe to promote its state-of-the-art Internet software applications for both electronic commerce and Internet gaming. CryptoLogic's gaming software is currently accessible in Japanese, English, and Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. with several additional languages becoming available in the coming year. The additional languages that are becoming available will increase the potential to expand into international markets and appeal to foreign jurisdictions. CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log 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 (15.6 million shares fully diluted). |
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