CryptoLogic Posts Net Loss Of $35.5m for 2009

Irish based gaming software provider CryptoLogic Inc, has released the company’s latest financial figures revealing a 13% fall in Q4 revenue to $9.9 million and a  decrease in revenue to $39.8 million for the year ended December 31, 2009 compared to the $61.5 million the year before.
Overall, CryptoLogic posted a net loss of $35.5m for 2009 compared to a net loss of $32.7m in 2008, but despite the grim figures the company took solace in the fact they had managed to reduce their total annual recurring cost base by $20.6m to $55.0m. Also, CryptoLogic announced further cost cutting exercises for the year ahead and indicated it would be integrating its Cyprus office into its Malta office to help streamline operations.
Despite internet poker revenue for Q4 being reduced to just $0.5 million from $2.7 million, the company experienced a sequential increase in its branded games revenue during the quarter to $1.2 million compared to $0.3million. Additionally, internet casino revenue rose from $7.5 million in 2008 to $8.7 million in 2009 and CryptoLogic’s President and CEO Brian Hadfield, commenting on the results said:
“2009 was a tough year as a number of adverse factors including a global economic downturn overshadowed the company’s progress in implementing its innovative new strategy to reduce costs and return to growth. We have entered 2010 in better shape with a substantially reduced cost base that will continue to be managed tightly.”
“With new licensing activity staying strong and the overall online casino/gaming market showing some improvement, we look to the year with cautious optimism.”
CryptoLogic has seen its share price rise around 6% over the last three months, and are currently trading at $3.27 down from yesterday’s closing price of $3.45.