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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cryptologic | CRP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 160.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 160.00 | 160.00 |
| Top Posts |
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Posted at 27/3/2009 12:10 by yesrupnel Hi allI recently bought a small stake in CRP (UK) and hoping that the company might be taken over as a ready functioning s/w company (albeit with a rocky recent history). Can any of you shed any light on the difference on buying the CRP (that is the UK listed shares) or the CRYP on the NASDAQ. Would I be beeter in topping up in UK or USA shares? Many thanks |
Posted at 18/1/2006 09:13 by nurdin Anyone have brokers forecasts for CRP please? Do they have a UK broker? |
Posted at 12/1/2006 11:41 by grippa CRP looking much healthier now...can we get back up to the previous highs? |
Posted at 10/1/2006 19:21 by chelseagirl CryptoLogic has had a good start to 2006, racking up gains of 32p to today's 1170p. Although CRP is well off its high of 1950p, last seen in mid `05. Nevertheless, the shares remain ahead of our 790p inaugural feature. Renewed confidence appears to be evident amongst investors within the on-line gaming sector, which had been damaged with the float of PartyGaming, and Gaming Corporation business model called in to question, a more direct problem to CRP, was news in August `05 that Betfair was considering leaving its poker network, this wiped 24.75% off the share price at the time, on what can only be described as meagre volumes - just 34, 478. CRP, have been steadily plugging away, as today's announcement highlights nicely. CRP has extended it association with UKbetting PLC, (another Lemming Investor feature) Europe's largest online sports content network extends exclusive poker contract to 2009; casino contract to 2008. For a more in-depth feature on CRP and Blue Star visit |
Posted at 28/9/2005 11:40 by the dogsbody Very quiet in here, must be good sign! If the RNS of 26th was not just company hot air PR might see some decent upwards price action. Stock buy back commencement date is today. It would seem not many buyers over here taking a chance on CRP for recovery. |
Posted at 09/8/2005 15:56 by skyfella1 I find Crypto a very reliable platform, and have not had any problems in a very, very long time. Until today I have never had any interest in CRP so this is not a bias opinion. |
Posted at 09/8/2005 14:36 by skyfella1 I think this is the cause, but I think it is well overdone IMO:Considering In-House Poker RNS Number:9038P CryptoLogic Inc. 09 August 2005 FOR IMMEDIATE RELEASE ALL DOLLAR AMOUNTS IN US$ Symbol: TSX: CRY; NASDAQ: CRYP; LSE: CRP CRYPTOLOGIC ANNOUNCES BETFAIR IS CONSIDERING IN-HOUSE POKER STRATEGY FOR 2006 August 9, 2005 (London, UK) - CryptoLogic Inc., a leading software developer to the global Internet gaming market, announced that Betfair, one of the company's poker licensees, has advised CryptoLogic of its long term intent to bring its core products in-house eventually rather than outsourcing third-party technology. Discussions continue between the companies and no definitive decision has been made on the status of Betfair's Internet poker site. While Betfair has launched a successful, profitable site using CryptoLogic-develope its core business has been built on technology solutions designed and developed internally. Decisions consistent with this strategy could result in Betfair establishing its own poker room and the termination of its contract with WagerLogic Limited, the licensing subsidiary of CryptoLogic, in early 2006. WagerLogic's central poker room, shared by all of its poker licensees, is experiencing record growth - 180% over a year ago, well ahead of the industry. CryptoLogic's strategy would be to offset the potential departure of Betfair with continued strong growth from poker, healthy results from its core casino business, and the potential signing of new licensees. If Betfair were to leave the central poker room, it is not expected to affect CryptoLogic's 2005 results, but could have a material affect on 2006 earnings if this revenue is not replicated with growth from other existing and potential new licensees. While Internet poker is growing and accounts for 30% of CryptoLogic's Q2 2005 revenue, CryptoLogic's core business remains its casino software. This segment continues to deliver excellent performance and is the company's largest cash contributor at approximately 60% of total revenue. Once a definitive decision has been made, CryptoLogic will update shareholders and provide interim guidance as appropriate. CryptoLogic's earnings guidance for the third quarter of 2005 remains on target. WagerLogic's central poker room has consistently ranked among the top five poker rooms on the Internet. CryptoLogic's strategy of aggregating its licensees' brands, large player bases and marketing resources, into a common poker room, has translated into one of the fastest-growing poker rooms on the Internet. CryptoLogic will continue to build on this strong market position and capitalize on the growth momentum in Internet poker. About CryptoLogic (www.cryptologic.com Focused on integrity and innovation, CryptoLogic Inc. is the world's leading, blue-chip public developer and supplier of Internet gaming software. CryptoLogic's leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of the company's gaming software and services to a blue-chip customer base worldwide. For information on WagerLogic, visit www.wagerlogic.com. CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY), on the Nasdaq National Market (symbol: CRYP), and on the Main Market of the London Stock Exchange (symbol: CRP). For more information, please contact: CryptoLogic, (416) 545-1455 Argyle RowlandCommunication (416) 968-7311 (media only) Nancy Chan-Palmateer, Director of Communications Daniel Tisch, ext. 223/ dtisch@argylerowland Karen Passmore,ext. 228/ kpassmore@argylerowl CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER: Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements. This information is provided by RNS The company news service from the London Stock Exchange END MSCPKCKPNBKDFFK |
Posted at 19/4/2005 12:44 by m.t.glass Also.. this from globeandmail.com (Toronto)INVESTOR'S EDGE On-line gambling software firm's on a hot streak, but you may want to sit out a hand By JOHN HEINZL Tuesday, April 19, 2005 Page B18 INVESTMENT REPORTER CryptoLogic Inc. is cashing in on the on-line poker craze. But with the stock already up sharply, should investors be holding or folding? Shares of CryptoLogic -- a Toronto-based provider of software to the on-line gambling industry -- have doubled in the past six months, propelled by solid quarterly results and the public's growing fascination with poker, both on the Internet and in televised tournaments such as the World Series of Poker. With more than 200 poker sites worldwide generating annual revenue of about $2-billion (U.S.), there's a growing pot of cash at stake for CryptoLogic and others vying for a piece of the action. "On-line poker is expected to be one of the primary growth drivers for CryptoLogic over the coming year," Paradigm Capital analyst Gabriel Leung said yesterday in initiating coverage of the company with a "buy" rating. Rising broadband usage, increasing confidence in Internet security and the ease of gambling on-line compared with travelling to a casino all bode well for on-line poker, he said. As well, the new U.K. Gambling Act will enable regulation of Internet gambling and "significantly boost the credibility of the . . . industry, as well as provide a regulatory blueprint for other nations" such as the United States, which lacks clear laws on on-line wagering. CryptoLogic's software brings together players from different on-line casinos such William Hill, UK Betting and Ritz Club London into a virtual poker room where they face off against each other. The company's virtual card table ranks among the top five poker sites in revenue, although it remains well back of industry leader PartyPoker.com. But with all the buzz about poker, "there's no end in sight," CryptoLogic president and chief executive officer Lewis Rose said in February, after the company announced that fourth-quarter revenue soared 33 per cent to $17.9-million and profit rose 25 per cent to $3.8-million or 27 cents a share. "CryptoLogic saw the large untapped market opportunity of on-line poker and we leveraged our reputation for innovation and strong brand named licensees to establish a very significant position," he said. "This approach has paid off in spades." Investors don't need any convincing. Yesterday, the shares gained 60 cents (Canadian) to close at $36.86 on the Toronto Stock Exchange, up 40 per cent in the past 12 months. On the Nasdaq Stock Market, they added 35 cents (U.S.) to $29.52. With the stock already having a nice run, however, one analyst is advising investors to sit out this hand. "They're one of the best vendors on the street for casino and poker software," Canaccord Capital analyst Greg Harris said of CryptoLogic. "The one thing that has happened, though, is that the Street has priced in very well the growth prospects that we see right now." Mr. Harris has a 12-month target of $29 and rates the stock a "hold." The shares could get a lift if CryptoLogic acquires one of the larger poker sites, said Mr. Leung, who has a 12-month target of $38 on the shares. Acquiring a U.S. site, in particular, would benefit CryptoLogic by complementing its existing network of largely European players, he said. Bettor returns CryptoLogic is cashing in on the on-line poker craze. But with the stock already up sharply, should investors be holding or folding. Company snapshot Headquarters: Toronto. Yesterday's close: $36.86 Change from previous: up 60ยข 52-week intraday high: $42.12 52-week intraday low: $15.75 P/E ratio, trailing: 29.84 Dividend yield: 0.67% Market cap: $483 million Price / book ratio: 5.45 1-year total return: 50.85% YTD percentage change: 22.99% Revenue, fiscal 2004: $63.7 million Profit, fiscal 2004: $13.7 million SOURCES: THOMSON DATASTREAM, BLOOMBERG FINANCIAL SERVICES |
Posted at 06/8/2004 11:13 by aleman Results slightly ahead of forecast:Printer friendly version Mail this article More announcements CryptoLogic Inc. 06 August 2004 NEWS FOR IMMEDIATE RELEASE Symbol: TSX: CRY; NASDAQ: CRYP; LSE: CRP ALL FINANCIAL FIGURES ARE IN US$ CRYPTOLOGIC REPORTS STRONG SECOND QUARTER PERFORMANCE August 6, 2004 (London, UK) - CryptoLogic Inc., a leading software developer to the global Internet gaming market, announced today its financial results for the second quarter and six months ended June 30, 2004. Strong quarterly results reflected solid revenue growth from existing licensees, continued geographic diversification and the increasing returns from online poker - one of the fastest-growing segments in the history of Internet gaming. 'It's been another blue chip quarter for CryptoLogic, reflecting our focused strategy and the ongoing investment in our company,' said Lewis Rose, CryptoLogic's President and CEO. 'We are seeing clear benefits from diversifying CryptoLogic's business in key markets and fast-growing product segments. In fact, our licensees' central poker room is now ranked among the top 5 on the Internet. Our financial strength gives us the means to invest strategically for our future to enhance CryptoLogic's leadership in a competitive environment, increase our share in major growth areas, and drive long term, positive returns.' Financial Highlights Three months ended Six months ended (in millions of US dollars, except per share data) June 30, June 30, 2004 2003(1) 2004 2003(1) Revenue $14.9 $10.8 $30.1 $19.7 Earnings $3.2 $2.5 $7.0 $4.3 Earnings per diluted share $0.23 $0.20 $0.52 $0.35 (1) Reflects the expensing of stock options effective January 1, 2003. Fiscal 2004 second quarter highlights included: • Quarterly revenue grew 38% to $14.9 million with earnings rising 29% to $3.2 million or $0.23 per diluted share over the same period in 2003. This was ahead of analysts' average consensus of $0.20 per diluted share; • Increasing growth in online poker fees, which now account for 15% of total year-to-date revenue, up from 12% in the previous quarter. A growing number of poker licensees, and investment in the product offering and system scalability contributed to this strong performance. The company's licensees' central poker room has now risen to number four among the top poker sites on the Internet. • The successful launch of Betfairpoker.com, the new poker site for Betfair - the world's largest betting exchange and the company's most recent UK customer. This new poker room site both strengthens CryptoLogic's position in the online poker arena and reinforces the company's reputation for earning the confidence of the world's top gaming brands; and • International diversification remained on target for the first half of 2004, with approximately 60% of licensees' revenue coming from overseas markets, up from over 55% and 40% in fiscal 2003 and 2002 respectively. Strong Second Quarter Performance (All financial figures are expressed in US dollars) CryptoLogic's solid revenue and earnings performance continued in the second quarter ended June 30, 2004. Revenue rose 38% to $14.9 million (Q2 2003: $10.8 million). EBITDA(2) for the quarter grew to $4.4 million (Q2 2003: $2.9 million). This resulted in EBITDA(2) margin for the quarter of 30% as a percentage of revenue, up from 27% last year. Earnings for the quarter rose 29% to $3.2 million or $0.23 per diluted share (Q2 2003: $2.5 million or $0.20 per diluted share). Solid growth from new and existing licensees and increasing fees from online poker contributed to positive second quarter performance over a year ago. Revenue for the first six months of 2004 increased 53% to $30.1 million (Q2 2003 YTD: $19.7 million). EBITDA(2) for the first six months in 2004 increased by 82% to $9.0 million (Q2 2003 YTD: $5.0 million). Despite increased costs associated with investing in the company to drive revenue growth, EBITDA(2) margin increased to 30%, compared with 25% in the same six-month period of 2003. Earnings for the first half of 2004 improved by 65% to $7.0 million or $0.52 per diluted share (Q2 2003 YTD: $4.3 million or $0.35 per diluted share). Financial Strength CryptoLogic's positive cash generation continued to add to a strong balance sheet. At June 30, 2004, the company had no debt, and total cash grew to $77.2 million or $5.71 per diluted share (comprising cash and cash equivalents, short term investments, and including security deposits of $7.0 million). CryptoLogic's working capital rose to $54.8 million or $4.06 per diluted share. On August 4, 2004, CryptoLogic's Board declared its quarterly dividend of $0.03 per share, payable on September 15, 2004 to shareholders of record as at September 8, 2004. Operating cash flow for the second quarter of 2004 was $2.6 million, compared with $13.5 million in 2003. Last year's operating cash flow was exceptionally high due to more favourable security deposit arrangements beginning in 2003 and the timing of accounts payable. Global Diversification CryptoLogic's global diversification strategy continued to result in a favourable geographic mix. Revenue generated from licensees' international players remained on target and approximated 60% of revenue for the first half of 2004, compared with over 55% and 40% in fiscal 2003 and 2002 respectively. The company's efforts to target the UK and Continental Europe have been successful, as those markets continued strong representation at approximately 30% and 20% respectively of overall revenue. The May launch of Betfair, a major UK customer and the largest betting exchange in the world, will add to CryptoLogic's international reach and expansion in online poker. The early performance of Betfair's new poker site is highly promising and reflects the excellent synergies between online poker and Betfair's player base. Product Growth CryptoLogic continued to advance its position in the burgeoning online poker market, and now powers the fourth highest revenue generating poker room on the Internet according to PokerPulse, an independent industry research website. Fees from the company's poker offering have doubled compared with the same six-month period in 2003, and have increased by 35% since Q1 2004. Today, online poker has risen to 15% of overall year-to-date revenue. There are now eight poker licensees contributing favourably to CryptoLogic's financial results through the company's WagerLogic subsidiary. CryptoLogic is also realizing early returns from its investment in a new poker release, which introduced multi-table tournaments as well as enhanced scalability to support thousands of simultaneous players - around the clock and from all over the world. During the quarter, CryptoLogic continued to invest in and expand its core casino product suite with more popular slot games. The company released 11 exciting new video slots - all offering animated bonus rounds that provide more chances to win cash, prizes and free spins. Management Team In the quarter, Jenifer Cua was promoted to Interim Chief Financial Officer and Treasurer. Cua has been a senior member of the company's financial team for six years, and has played a key role in CryptoLogic's strong financial results. A search is underway for a permanent CFO to contribute to the company's continued success. Outlook CryptoLogic's disciplined execution of its strategy and investment in its business continued to translate into profitable and cash generative results for the first half of 2004. The third quarter is seasonally the slowest period of the year as Internet usage softens during the summer. Although this period is expected to benefit from continued momentum in poker, expenditures resulting from investments in strategic initiatives will increase and are expected to affect margins in subsequent quarters this year. Accordingly, Management forecasts third quarter revenue to range from $14.0-$14.3 million, with earnings of $1.9-$2.1 million or $0.14-$0.15 per diluted share. While growth prospects for online gaming are significant, Management remains cautious due to ongoing US regulatory issues, competition and higher expenditures, particularly in the second half of the year. Increased investments in the company's poker product, system scalability, core gaming software, infrastructure and back-office systems remain important priorities. Management is confident that this strategy will strengthen the company's competitive position in both the short and long term, particularly in major growth areas such as poker, and drive revenue generation and sustainable returns for its shareholders. 2004 Second Quarter Analyst Call A conference call is scheduled for 8:30 a.m. (EST) (1:30 p.m. GMT) on Friday, August 6, 2004. Interested parties should call either 416-695-5259, 1-877-888-3490 (North America) or international toll free number at 00 800-4222-8835 (from UK). Instant replay will be available until August 13, 2004 by calling 416-695-5275 or 1-866-518-1010. About CryptoLogic ( www.cryptologic.com ) Focused on integrity and innovation, CryptoLogic Inc. is the largest public online gaming software company serving the global Internet gaming market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet, and its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Ltd., a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to customers worldwide. For more information on WagerLogic, visit www.wagerlogic.com . CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY), on the Nasdaq National Market (symbol: CRYP), and on the Main Market of the London Stock Exchange (symbol: CRP). For more information, please contact: CryptoLogic, (416) 545-1455 Financial Dynamics, + 44 20 7831 3113(UK media) Nancy Chan-Palmateer, Director of Communications Juliet Clarke, juliet.clarke@fd.com Lewis Rose, President & CEO Edward Bridges, edward.bridges@fd.co Argyle Rowland, (416) 968-7311 (North American media) Daniel Tisch, ext. 223/ dtisch@argylerowland Melissa Chang, ext. 239/ melissa@argylerowlan (2) Management believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is a useful supplemental measure of performance. However, EBITDA is not a recognized earnings measure under generally accepted accounting principles (GAAP) and does not have a standardized meaning. Therefore, EBITDA may not be comparable to similar measures presented by other companies. CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER: Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements. CRYPTOLOGIC INC. CONSOLIDATED BALANCE SHEETS (In thousands of US dollars) As at As at June 30, December 31, 2004 2003 (unaudited) ASSETS Current assets: Cash and cash equivalents $22,869 $44,010 Security deposits 7,000 6,550 Short term investments 47,305 16,747 Accounts receivable and other 3,751 2,389 Prepaid expenses 1,716 1,163 82,641 70,859 User funds on deposit 10,558 9,394 Capital assets 6,449 3,915 Intangible assets 147 122 Goodwill 1,776 1,776 $101,571 $86,066 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $25,043 $25,063 Income taxes payable 2,753 1,063 27,796 26,126 User funds held on deposit 10,558 9,394 38,354 35,520 Shareholders' equity: Capital stock 17,711 11,350 Stock options 506 438 Retained earnings 45,000 38,758 63,217 50,546 $101,571 $86,066 CRYPTOLOGIC INC. CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (In thousands of US dollars) (Unaudited) For the three months For the six months ended June 30, ended June 30, 2004 2003 2004 2003 Retained earnings, beginning of period $42,195 $32,149 $38,758 $30,376 Earnings 3,197 2,479 7,018 4,252 Dividends paid (392) -- (776) -- Retained earnings, end of period $45,000 $34,628 $45,000 $34,628 CRYPTOLOGIC INC. CONSOLIDATED STATEMENTS OF EARNINGS (In thousands of US dollars, except per share information) (Unaudited) For the three months For the six months ended June 30, ended June 30, 2004 2003 2004 2003 Revenue $14,925 $10,826 $30,149 $19,727 Expenses Operating costs 9,230 6,446 18,244 12,088 General and administrative 1,185 1,371 2,691 2,491 Finance 92 78 184 185 Amortization 443 371 867 617 10,950 8,266 21,986 15,381 Income from operations 3,975 2,560 8,163 4,346 Interest income 262 174 506 335 Earnings before income taxes 4,237 2,734 8,669 4,681 Income taxes 1,040 255 1,651 429 Earnings $3,197 $2,479 $7,018 $4,252 Earnings per share Basic $0.25 $0.20 $0.55 $0.35 Diluted $0.23 $0.20 $0.52 $0.35 Weighted average number of shares ('000s) Basic 12,979 12,237 12,810 12,222 Diluted 13,734 12,395 13,515 12,312 CRYPTOLOGIC INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of US dollars) (Unaudited) For the three months For the six months ended June 30, ended June 30, 2004 2003 2004 2003 Cash provided by (used in): Operating activities: Earnings $3,197 $2,479 $7,018 $4,252 Adjustments to reconcile earnings to cash provided by (used in) operating activities: Amortization 443 371 867 617 Gain on sale of investment -- -- -- (31) Stock options 274 104 537 162 Changes in operating assets and liabilities: Security deposits -- 6,290 (450) 8,690 Accounts receivable and other (1,544) (686) (1,362) 186 Prepaid expenses (756) (123) (553) (41) Income taxes payable 786 379 1,690 479 Accounts payable and accrued liabilities 225 4,654 (20) 6,736 2,625 13,468 7,727 21,050 Financing activities: Issue of capital stock 1,482 217 5,892 217 Dividends paid (392) -- (776) -- 1,090 217 5,116 217 Investing activities: Purchase of capital assets, net of disposal (2,573) (1,851) (3,337) (1,925) Purchase of intangible assets -- -- (89) -- Short term investments (7,571) -- (30,558) 10,857 Sale of investment -- -- -- 711 (10,144) (1,851) (33,984) 9,643 Increase (decrease) in cash and cash equivalents (6,429) 11,834 (21,141) 30,910 Cash and cash equivalents, beginning of period 29,298 32,736 44,010 13,660 Cash and cash equivalents, end of period $22,869 $44,570 $22,869 $44,570 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS As at June 30, 2004 (All figures are in thousands of US dollars, except per share disclosure and where otherwise indicated) (Unaudited) These consolidated interim financial statements of CryptoLogic Inc. (the 'Company') have been prepared in accordance with Canadian generally accepted accounting principles (GAAP) using the same accounting policies as were used for the audited consolidated financial statements for the year ended December 31, 2003. These consolidated interim financial statements do not contain all annual disclosures required by GAAP and, as such, should be read in conjunction with the audited consolidated financial statements, including the notes thereto, for the year ended December 31, 2003, as set out in the 2003 Annual Report. 1. Stock Option Plan In accordance with the guidelines of the Canadian Institute of Chartered Accountants, the Company has expensed the costs of all stock option grants issued on or after January 1, 2003. The fair value of the options granted in 2003 and 2004 was made using the Black-Scholes option pricing model under the following weighted assumptions: 2004 2003 Dividend yield 0.75% 0.75% Risk-free rate 2.75% 2.75% Expected volatility 50.0% 50.0% Expected life of options in years 5.0 5.0 The estimated fair value of options is recorded over the vesting period of the options. The cost of stock options of $274 in Q2 2004 (Q2 2003: $104) is included in operating costs. Consideration paid by employees on the exercise of stock options is credited to share capital. The impact of expensing stock options on earnings is as follows: Three months ended Six months ended June 30, 2004 June 30, 2003 June 30, 2004 June 30, 2003 ('000) ('000) ('000) ('000) Stock options expense $274 $104 $537 $162 Stock options expense (per share): Basic $0.02 $0.01 $0.04 $0.01 Diluted $0.02 $0.01 $0.04 $0.01 For the year ended December 31, 2002, no compensation cost was recorded on the grant of stock options during that year. In accordance with the transitional provisions of the accounting guideline, additional pro forma disclosure is presented as if the fair value method of accounting had been used to account for stock options. The fair value of the options granted was made using the Black-Scholes option pricing model under the following weighted assumptions: 2002 Dividend yield -- Risk-free rate 2.0% Expected volatility 100.0% Expected life of options in years 5.0 Had compensation expense been determined based on the fair value of the employee stock option awards for 2002 grants at the grant dates in accordance with the new recommendations, the Company's earnings and earnings per share would have been changed to the following pro forma amounts: Three months ended Six months ended June 30, June 30, 2004 2003 2004 2003 As As As As reported Pro forma reported Pro forma reported Pro forma reported Pro forma ('000) ('000) ('000) ('000) ('000) ('000) ('000) ('000) Earnings $3,197 $3,073 $2,479 $2,252 $7,018 $6,710 $4,252 $3,840 Earnings per share: Basic $0.25 $0.24 $0.20 $0.18 $0.55 $0.52 $0.35 $0.31 Diluted $0.23 $0.22 $0.20 $0.18 $0.52 $0.50 $0.35 $0.31 2. Capital Stock Authorized: Unlimited common shares Issued and Outstanding: Common Shares Series F Warrants Total Issued Stated Value Issued Stated Value Stated Value ('000) ('000) ('000) Balance, December 31, 2002 12,206 $10,448 30 $272 $10,720 Exercise of stock options 94 630 -- -- 630 Balance, December 31, 2003 12,300 $11,078 30 $272 $11,350 Balance, December 31, 2003 12,300 $11,078 30 $272 $11,350 Exercise of stock options 764 6,361 -- -- 6,361 Balance, June 30, 2004 13,064 $17,439 30 $272 $17,711 3. Comparative Figures Certain of the prior year's figures have been reclassified for consistency with the current presentation, and reflect the expensing of stock options effective January 1, 2003. This information is provided by RNS The company news service from the London Stock Exchange |
Posted at 10/5/2004 17:48 by aleman CryptoLogic Inc.10 May 2004 NEWS FOR IMMEDIATE RELEASE Symbol: TSX: CRY; NASDAQ: CRYP; LSE: CRP ALL FINANCIAL FIGURES ARE IN US$ CRYPTOLOGIC DELIVERS RECORD REVENUE & EXCELLENT EARNINGS GROWTH IN Q1 May 10, 2004 (London, UK) - CryptoLogic Inc., a leading software developer to the global Internet gaming market, announced today its financial results for the first quarter ended March 31, 2004, which is typically one of the strongest seasons of the year for online gaming. Record revenue and strong earnings were driven by robust growth in both the company's core casino business and new product offerings, coupled with increasing contribution from international markets. 'CryptoLogic's strong start to the year affirms the disciplined execution of our strategy and has translated into record revenue and excellent earnings,' said Lewis Rose, CryptoLogic's President and CEO. 'In the first quarter, we continued to diversify our products, markets and customers. These results show the benefits of investing in our business, people and resources to strengthen CryptoLogic's leadership in a highly competitive marketplace and to capitalize on the rapidly expanding online poker industry.' Financial Highlights Three months ended (in millions of US dollars, except per share data) March 31, 2004 2003(1) Revenue $15.2 $8.9 Earnings $3.8 $1.8 Earnings per diluted share $0.28 $0.15 (1) Restated for the retroactive adoption of the stock option expense. Fiscal 2004 first quarter highlights included: • First quarter earnings grew 116% to $3.8 million or $0.28 per diluted share over the same period in 2003 and ahead of analysts' average consensus of $0.22 per diluted share; • Continued momentum in online poker fees, which alone rose to 12% of overall revenue. The company released a new version of its poker software to drive further growth in this significant growth segment; • Successfully launched prominent UK customer, The Ritz Club London Online, in Alderney - a world-leading regulated market - highlighting CryptoLogic's premier status as one of the world's few software providers with government-certified software; • Geographic diversification continued to be reflected in licensees' revenue from international markets, which rose to approximately 60%, up from over 55% in fiscal 2003. The company's global presence was enhanced with the signing of its newest licensee, Betfair, the world's largest online betting exchange; and • Subsequent to quarter-end, announced the launch of a new poker site for major UK licensee - Ritz Club London Online utilizing CryptoLogic-develope online poker technology. Strong First Quarter Performance (All financial figures are expressed in US dollars) Revenue and earnings momentum continued in the first quarter ended March 31, 2004, typically one of the strongest seasons of the year for Internet gaming. Revenue rose 71% to $15.2 million, compared with $8.9 million in last year's first quarter. EBITDA(2) for the quarter more than doubled to $4.6 million, compared with $2.0 million in Q1 2003. Despite increased costs associated with investing in the growth of the company's business, EBITDA(2) margin for the quarter increased to 30% as a percentage of revenue, up from 23% last year. Earnings for the quarter rose significantly to $3.8 million ($0.28 per diluted share), compared with $1.8 million ($0.15 per diluted share) last year. The contribution of new customers, higher player deposits, new casino game introductions and licensees' marketing initiatives added to a strong first quarter. Fees from online poker further augmented performance, along with increasing international market penetration. The first quarter also included a one-time insurance recovery of $0.4 million ($0.03 per diluted share). Balance Sheet Strength The cash generative nature of CryptoLogic's business continued to be reflected in its strong balance sheet. At March 31, 2004, the company had no debt, and total cash grew to $76.0 million or $5.67 per diluted share (comprising cash and cash equivalents, short term investments, and including security deposits of $7.0 million). CryptoLogic's working capital rose to $52.4 million or $3.91 per diluted share. CryptoLogic's financial strength enabled a positive return to shareholders through a quarterly dividend of $0.03 per share paid on March 15, 2004. On May 6, CryptoLogic's Board declared the next quarterly dividend of $0.03 per share, payable on June 15, 2004 to shareholders of record as at June 8, 2004. Operating cash flow for the first quarter of 2004 was $5.1 million, compared with $7.6 million in 2003. This decline was largely due to a significant decrease in security deposit requirements in 2003 and a reduction in licensee payables related to a licensee assuming its own e-cash. Global Market Expansion CryptoLogic's focus on a targeted group of high-quality international licensees continues to pay off. As a result, revenue generated from licensees' international players approximated 60% of first quarter revenue, up from over 55% in fiscal 2003. In particular, the UK and other European markets now account for approximately 30% and 20% respectively of overall revenue. CryptoLogic's global strategy was reinforced with the recent signing of its newest online licensee, Betfair - a premier UK brand and the world's largest betting exchange - which has licensed online poker software from CryptoLogic's subsidiary, WagerLogic. Betfair's entry into player-to-player online poker promises exciting synergies with its core person-to-person betting exchange business. Product Diversification Internet poker continues to enjoy exceptional popularity around the world, and has grown almost ten-fold in the past year. With an estimated annual run rate approaching US$1 billion in global revenue according to PokerPulse, an independent research group, which tracks the online poker market, there is still considerable room for growth. CryptoLogic continued to experience progressive momentum in fees from its poker offering, which alone have risen to 12% of the company's total revenue. Subsequent to quarter-end, the launch of a new poker site for The Ritz Club London Online - a prestigious UK operator and an online casino licensee of WagerLogic since 2002- increased to seven the number of international gaming brands utilizing WagerLogic's online poker solution. Regulatory Commitment The UK is making good progress toward establishing itself as the world centre for regulated online gaming, with a goal to enact legislation by 2005. A Joint Scrutiny Committee recently completed its pre-parliamentary review of the proposed Gambling Bill. The committee has urged the UK government to introduce the Bill in the current session and begin preparing for the licensing of remote gambling. CryptoLogic's premier status and experience as one of the world's few software suppliers with government-approved gaming software enabled the Ritz Club London to migrate its online casino to the well-regulated jurisdiction of Alderney. CryptoLogic's commitment to adhering to regulatory practices with the same stringency as in land-based gaming will enhance its credibility and marketability in a regulated UK market. Outlook Through CryptoLogic's focused strategy and investments in its business, growth momentum has continued in 2004. The second quarter is traditionally solid although not as strong as the first quarter due to early summer seasonality. Accordingly, Management forecasts second quarter revenue to range from $14.0-$14.5 million, with earnings of $2.8-$3.0 million or $0.20-$0.22 per diluted share. Even with record revenues, a strong cash position and cash flow, Management is still mindful of ongoing regulatory uncertainty in the US and the reductions in margins from the impact of competition and from increased expenditures. To drive the long term growth of the business and position the company to be an industry leader in the growth areas of online gaming, CryptoLogic is making major strategic investments, which are expected to reduce margins in subsequent quarters this year. These investments will enhance the company's poker product, increase system scalability, and enhance the company's gaming software, infrastructure and back-office systems. CryptoLogic continues to execute on its disciplined strategy of international expansion through new product introductions and diversification, and remains committed to enhancing its industry-leading status and to driving long term sustainable growth for its shareholders. 2004 First Quarter Analyst Call A conference call is scheduled for 8:30 a.m. (EST) (1:30 p.m. GMT) on Monday, May 10, 2004. Interested parties should call either 416-695-5261, 1-877-888-7019 (North America) or international toll free number at (Country Code) 800-4222-8835. Instant replay will be available until Friday, May 28, 2004 by calling 416-695-5275 or 1-866-518-1010. Annual & Special Meeting of Shareholders CryptoLogic's Annual and Special Meeting of Shareholders will be held at The Design Exchange, Trading Floor, 234 Bay Street, Toronto, Ontario, Canada, on Tuesday, May 11, 2004 at 4:30 p.m., Eastern time. About CryptoLogic ( www.cryptologic.com ) Focused on integrity and innovation, CryptoLogic Inc. is the largest public online gaming software company serving the global Internet gaming market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet, and its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Ltd., a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to customers worldwide. For more information on WagerLogic, visit www.wagerlogic.com . CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY), on the Nasdaq National Market (symbol: CRYP), and on the London Stock Exchange (symbol: CRP). For more information, please contact: CryptoLogic, (416) 545-1455 Financial Dynamics, + 44 20 7831 3113(UK media) Nancy Chan-Palmateer, Director of Communications Juliet Clarke, juliet.clarke@fd.com Jim Ryan, Chief Financial Officer Edward Bridges, edward.bridges@fd.co Argyle Rowland, (416) 968-7311 (North American media) Daniel Tisch, ext. 223/ dtisch@argylerowland Melissa Chang, ext. 239/ melissa@argylerowlan (2) Management believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is a useful supplemental measure of performance. However, EBITDA is not a recognized earnings measure under generally accepted accounting principles (GAAP) and does not have a standardized meaning. Therefore, EBITDA may not be comparable to similar measures presented by other companies. CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER: Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements. CRYPTOLOGIC INC. CONSOLIDATED BALANCE SHEETS (In thousands of US dollars) As at As at March 31, December 31, 2004 2003 (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $29,298 $44,010 Security deposits 7,000 6,550 Short term investments 39,734 16,747 Accounts receivable and other 2,207 2,389 Prepaid expenses 960 1,163 79,199 70,859 User funds on deposit 9,983 9,394 Capital assets 4,285 3,915 Intangible assets 181 122 Goodwill 1,776 1,776 $95,424 $86,066 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $24,818 $25,063 Income taxes payable 1,967 1,063 26,785 26,126 User funds held on deposit 9,983 9,394 36,768 35,520 Shareholders' equity: Capital stock 15,964 11,350 Stock options 497 438 Retained earnings 42,195 38,758 58,656 50,546 $95,424 $86,066 CRYPTOLOGIC INC. CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (In thousands of US dollars) (Unaudited) For the three months ended March 31, 2004 2003 Retained earnings, beginning of period $38,758 $30,376 Earnings 3,821 1,773 Dividends paid (384) -- Retained earnings, end of period $42,195 $32,149 CRYPTOLOGIC INC. CONSOLIDATED STATEMENTS OF EARNINGS (In thousands of US dollars, except per share information) (Unaudited) For the three months ended March 31, 2004 2003 Revenue $15,224 $8,901 Expenses Operating costs 9,014 5,642 General and administrative 1,506 1,120 Finance 92 107 Amortization 424 246 11,036 7,115 Income from operations 4,188 1,786 Interest income 244 161 Earnings before income taxes 4,432 1,947 Income taxes 611 174 Earnings $3,821 $1,773 Earnings per share Basic $0.30 $0.15 Diluted $0.28 $0.15 Weighted average number of shares ('000s) Basic 12,641 12,206 Diluted 13,419 12,216 CRYPTOLOGIC INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of US dollars) (Unaudited) For the three months ended March 31, 2004 2003 Cash provided by (used in): Operating activities: Earnings $3,821 $1,773 Adjustments to reconcile earnings to cash provided by (used in) operating activities: Amortization 424 246 Gain on sale of investment -- (31) Stock options 263 58 Changes in operating assets and liabilities: Security deposits (450) 2,400 Accounts receivable and other 182 872 Prepaid expenses 203 82 Income taxes 904 100 Accounts payable and accrued liabilities (245) 2,082 5,102 7,582 Financing activities: Issue of capital stock 4,410 -- Dividends paid (384) -- 4,026 -- Investing activities: Purchase of capital assets, net of disposals (764) (74) Purchase of intangible assets (89) -- Short term investments (22,987) 10,857 Sale of investment -- 711 (23,840) 11,494 Increase (decrease) in cash and cash equivalents (14,712) 19,076 Cash and cash equivalents, beginning of period 44,010 13,660 Cash and cash equivalents, end of period $29,298 $32,736 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS As at March 31, 2004 (All figures are in thousands of US dollars, except per share disclosure and where otherwise indicated) (Unaudited) These consolidated interim financial statements of CryptoLogic Inc. (the ' Company') have been prepared in accordance with Canadian generally accepted accounting principles using the same accounting policies as were used for the consolidated financial statements for the year ended December 31, 2003. These consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2003, as set out in the 2003 Annual Report. 1. Stock Option Plan In accordance with the guidelines of the Canadian Institute of Chartered Accountants, the Company has expensed the costs of all stock option grants issued on or after January 1, 2003. The fair value of the options granted in 2003 and 2004 was made using the Black-Scholes option pricing model under the following weighted assumptions: 2004 2003 Dividend yield 0.75% 0.75% Risk-free rate 2.75% 2.75% Expected volatility 50.0% 50.0% Expected life of options in years 5.0 5.0 The estimated fair value of options is recorded over the vesting period of the options. Included in operating costs for Q1 2004 and 2003 is the cost of stock options of $263 and $58 respectively. Consideration paid by employees on the exercise of stock options is credited to share capital. The impact of expensing stock options on earnings is as follows: Three months ended Three months ended March 31, 2004 March 31, 2003 ('000) ('000) Stock options expense $263 $58 Stock options expense (per share): Basic $0.02 $0.00 Diluted $0.02 $0.00 For the year ended December 31, 2002, no compensation cost was recorded on the grant of stock options during that year. In accordance with the transitional provisions of the accounting guideline, additional pro forma disclosure is presented as if the fair value method of accounting had been used to account for stock options. The fair value of the options granted was made using the Black-Scholes option pricing model under the following weighted assumptions: 2002 Dividend yield -- Risk-free rate 2.0% Expected volatility 100.0% Expected life of options in years 5.0 Had compensation expense been determined based on the fair value of the employee stock option awards for 2002 grants at the grant dates in accordance with the new recommendations, the Company's earnings and earnings per share would have been changed to the following pro forma amounts: Three months ended Three months ended March 31, 2004 March 31, 2003 As reported Pro forma As reported Pro forma ('000) ('000) ('000) ('000) Earnings $3,821 $3,637 $1,773 $1,589 Earnings per share: Basic $0.30 $0.29 $0.15 $0.13 Diluted $0.28 $0.27 $0.15 $0.13 2. Capital Stock Authorized: Unlimited common shares Issued and Outstanding: Common Shares Series F Warrants Total Issued Stated Value Issued Stated Value Stated Value ('000) ('000) ('000) Balance, December 31, 2002 12,206 $10,448 30 $272 $10,720 Exercise of stock options 94 630 -- -- 630 Balance, December 31, 2003 12,300 $11,078 30 $272 $11,350 Balance, December 31, 2003 12,300 $11,078 30 $272 $11,350 Exercise of stock options 546 4,614 -- -- 4,614 Balance, March 31, 2004 12,846 $15,692 30 $272 $15,964 3. Comparative Figures Certain of the prior years' figures have been reclassified for consistency with the current presentation, and restated for the retroactive adoption of the stock option expense. This information is provided by RNS The company news service from the London Stock Exchange |
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