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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Cryptologic Limited (MM) | NASDAQ:CRYP | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.52 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
This press release replaces the Q3 results announcement released by CryptoLogic Limited at 7.00 am GMT (02.00 am EST) today. The previous announcement contained two typographical errors in the Balance Sheet. In the Assets section, the correct figure for future income taxes is 1,311 (in thousands of U.S. dollars) and the correct figure for capital assets is 4,386 (in thousands of U.S. dollars).
CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a developer of branded online betting games and Internet casino software, announces its financial results for the third quarter ended September 30, 2010 and an update on its expanded restructuring programme announced on August 12, 2010.
Restructuring Highlights:
Following the management changes announced on August 12, further restructuring measures were taken to reduce costs aggressively.
- Total expenses declined to $9.9 million (Q2 2010: $20.2 million, including $7.3 million of non- recurring charges) - Operating expenses decreased by 20% compared with Q2, reflecting the initial impact of restructuring actions taken during Q3 - Appointed new operational management team to lead hosted casino business - Completed the consolidation of Cyprus operations into Malta - Cessation of operations in Cyprus
Management Changes:
- Senior management appointments were made with Huw Spiers becoming Group Head of Operations and Chief Financial Officer and Ian Price becoming Group Head of Business Development
Results Summary:
- Total revenue amounted to $6.1 million (Q2 2010: $6.7 million) - Hosted casino revenue at $5.6 million (Q2 2010: $5.8 million) - Branded games revenue at $1.4 million (Q2 2010: $1.5 million) - Net loss of $3.7 million (Q2 2010 Loss: $12.7 million, including $7.3 million of non-recurring charges) - Net cash at September 30, 2010: $12.3 million (June 30, 2010: $17.4 million) partly reflecting the cash impact of one-time restructuring costs amounting to $3.5 million
Outlook:
The full impact of additional measures taken during the third quarter to reduce costs will have taken effect by the end of the fourth quarter, resulting in a further significant decrease in the Company's total recurring cost base. Management continues to focus on delivering further efficiencies and improving revenue and operational performance.
Overview
CryptoLogic implemented a further restructuring programme following management changes announced on August 12, 2010. While these measures commenced mid-way through the quarter, they contributed to a significant reduction in costs and will make a full impact in subsequent quarters.
Total expenses decreased to $9.9 million (Q2 2010: $20.2 million, including $7.3 million of non-recurring charges), while operating expenses were down by 20% sequentially to $7.6 million.
The restructuring will result in the total recurring cost base falling significantly in the fourth quarter. While the headcount reduction plan has been executed, the focus on delivering further efficiencies continues.
As part of the restructuring initiatives, a new operational management team to lead the hosted casino business was brought in to stabilise and reinvigorate the revenue base.
The consolidation of the Cyprus operations and most of the London operations into Malta was substantially completed in the quarter.
Operating and Financial Review
Total revenues in Q3 2010 decreased to $6.1 million (Q2 2010: $6.7 million), reflecting seasonality during the historically slow summer period, as well as a lower contribution from a key licensee in branded games.
Hosted Casino
Revenue from fully hosted virtual casino rooms provided to online gaming brand operators was $5.6 million in Q3 2010 (Q2 2010: $5.8 million), reflecting normal seasonal patterns. CryptoLogic's fully hosted casino was launched by Betsafe.com, a leading online gaming operator, during the quarter.
Branded Games
Revenues from this segment decreased to $1.4 million in Q3 2010 (Q2 2010: $1.5 million), due to a decline in revenue contribution from a key licensee. The Company continues to work closely with its licensees to help them maximise revenue from CryptoLogic's portfolio of branded gaming content.
13 new branded games went live in the quarter taking the total number of games rolled out by licensees and generating revenues to date to 156 from 143 at the end of Q2.
Poker and Other
Poker and other revenue amounted to $0.5 million ($0.6 million).
Balance Sheet and Cash Flow
Net cash as at September 30 amounted to $12.3 million (June 30 2010: $ 17.4 million) which consisted of cash and cash equivalents and security deposits, or $0.89 of net cash per diluted share (June 30, 2010: $17.4 million or $1.26 per diluted share). The decrease in net cash during Q3 2010 of approximately $5.1 million is due to the cash impact of operating losses of $2.8 million, a decrease in accounts payable and accrued liabilities of $1.8 million, comprising $3.5 million paid in respect of reorganization costs, partially offset by increased jackpot provision and timing of trade payable payments, a decrease in income taxes payable of $0.1 million, a $0.5 million increase in accounts receivable and purchase of capital assets of $0.2 million. Partially offsetting this is a decrease in prepaid expenses of $0.3 million. The Company continues to be debt free.
About CryptoLogic® (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading developer and supplier of Internet gaming software. With more than 300 games, CryptoLogic has one of the most comprehensive casino suites on the Internet, with award-winning games featuring some of the world's most famous action and entertainment characters. The Company's licensees include many top Internet gaming brands. CryptoLogic's leadership in regulatory compliance makes it one of the few companies with gaming software certified to strict standards similar to land-based gaming. The CryptoLogic Group licenses gaming software and services to blue-chip customers that offer their games to non- U.S. based players around the world.
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
This press release contains forward-looking statements within the meaning of applicable securities laws. 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. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain factors and assumptions including expected growth, results of operations, performance, business prospects and opportunities, foreign exchange rates and effective income tax rates. While the Company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to differ materially from the anticipated results, performance or achievements expressed or implied by such forward- looking statements. Risks related to forward-looking statements include, without limitation, risks associated with the Company's financial condition, prospects and opportunities, 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 and risks associated with competition. Additional risks and uncertainties can be found in the Company's Form 20-F for the fiscal year ended December 31, 2009 under the heading "Item 3 - Key Information - Risk Factors" and in the Company's other filings with the US Securities and Exchange Commission and Canadian provincial securities commissions. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward- looking statements. Forward-looking statements are given only as at the date of this release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
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CRYPTOLOGIC LIMITED
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As at As at
September 30, December 31,
2010 2009
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(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 11,789 $ 23,447
Security deposits 522 250
Accounts receivable and other 5,124 7,972
Income taxes receivable 547 681
Prepaid expenses 9,177 9,426
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27,159 41,776
User funds held on deposit 6,923 7,929
Future income taxes 1,311 1,549
Capital assets 4,386 7,774
Intangible assets 97 4,342
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$ 39,876 $ 63,370
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 13,689 $ 13,156
Income taxes payable 345 2,157
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14,034 15,313
User funds held on deposit 6,923 7,929
Future income taxes 12 384
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20,969 23,626
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Minority interest 1,302 2,948
Shareholders' equity:
Share capital 34,111 33,916
Stock options 7,794 7,633
Deficit (24,300) (4,753)
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17,605 36,796
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$ 39,876 $ 63,370
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CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(In thousands of U.S. dollars, except per share data)
(Unaudited)
For the three months For the nine months
ended September 30, ended September 30,
2010 2009 2010 2009
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Revenue $ 6,095 $ 9,591 $ 20,475 $ 29,865
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Expenses:
Operating 7,565 9,211 25,159 27,305
General and administrative 1,655 2,380 6,470 7,704
Reorganization 209 240 1,908 927
Impairment of intangible
assets - - 3,566 -
Impairment of capital
assets - - 2,058 -
Impairment of long-term
investments - - - 3,961
Finance 17 19 49 66
Amortization 478 1,241 1,957 3,745
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9,924 13,091 41,167 43,708
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Loss before undernoted (3,829) (3,500) (20,692) (13,843)
Interest income 14 87 73 380
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Loss before income taxes and
minority interest (3,815) (3,413) (20,619) (13,463)
Income taxes:
Current 169 178 160 (565)
Future (54) (163) 220 (1,783)
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115 15 380 (2,348)
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Loss before minority
interest (3,930) (3,428) (20,999) (11,115)
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Minority interest (280) (224) (1,452) (424)
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Loss and comprehensive loss $ (3,650) $ (3,204) $ (19,547) $ (10,691)
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Loss per common share
Basic $ (0.28) $ (0.25) $ (1.52) $ (0.81)
Diluted $ (0.28) $ (0.25) $ (1.52) $ (0.81)
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF (DEFICIT)/RETAINED EARNINGS
(In thousands of U.S. dollars)
(Unaudited)
For the nine months ended
September 30,
2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Deficit)/Retained earnings, beginning
of period $ (4,753) $ 32,032
Loss (19,547) (10,691)
Dividends paid, excluding those paid
to CEC shareholders - (1,148)
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(Deficit)/Retained earnings, end of
period $ (24,300) $ 20,193
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CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF CASHFLOWS
(In thousands of U.S. dollars)
(Unaudited)
For the three months For the nine months
ended September 30, ended September 30,
2010 2009 2010 2009
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----------------------------------------------------------------------------
Cash flows from/(used in):
Operating activities:
Loss $ (3,650) $ (3,204) $ (19,547) $ (10,691)
Adjustments to reconcile
loss to cash provided
by/(used in) operating
activities:
Amortization 478 1,241 1,957 3,745
Unrealized loss/(gain)
on forward contract 91 (39) 45 (175)
Reorganization costs to
be paid 714 240 714 927
Impairment of intangible
assets - - 3,566 -
Impairment of capital
assets - - 2,058 -
Impairment of long-term
investments - - - 3,961
Future income taxes (54) (163) 220 (1,783)
Minority interest (280) (224) (1,452) (424)
Stock options (109) 183 161 778
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(2,810) (1,966) (12,278) (3,662)
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Change in operating assets
and liabilities:
Accounts receivable and
other (496) (203) 2,645 (1,531)
Prepaid expenses 254 (215) 205 (2,152)
Accounts payable and
accrued liabilities (1,826) (2,403) (181) (4,844)
Income taxes payable (69) 31 (1,176) (884)
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(4,947) (4,756) (10,785) (13,073)
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Financing activities:
Dividends paid including
those to CEC shareholders - (416) - (1,245)
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- (416) - (1,245)
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Investing activities:
Purchase of capital assets (166) (227) (622) (534)
Increase in security
deposits (272) - (272) -
Disposal of capital assets 21 - 21 -
Purchase of other
investments - - - (477)
Decrease in restricted
cash - 5,000 - 7,175
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(417) 4,773 (873) 6,164
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Decrease in cash and cash
equivalents (5,364) (399) (11,658) (8,154)
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Cash and cash equivalents,
beginning of period 17,153 28,593 23,447 36,348
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Cash and cash equivalents,
end of period $ 11,789 $ 28,194 $ 11,789 $ 28,194
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Contacts: CryptoLogic David Gavagan Chairman and Interim CEO +353 1 234 0400 CryptoLogic Huw Spiers CFO +353 1 234 0400 www.cryptologic.com Corfin Public Relations Neil Thapar, Alexis Gore or Harry Chathli +44 207 596 2860
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