CRYPTOLOGIC ANTICIPATING $3.6 MILLION FOREX HIT
26 September 2008
Modest reduction in Q3 operating loss expected
In a trading update this week, the Dublin-based online
gambling software developer Cryptologic reports that it
expects a third-quarter operating loss of between $1.0
and $1.5 million, a modest improvement from the previous
quarter, but cautioned that it additionally anticipates
a significant $3.6 million hit from adverse dollar rate
movement.
The update claims that Cryptologic has since moved
substantially all of its cash and marketable securities
into its reporting currency, the U.S. dollar, to
minimize the impact of further currency market
volatility.
The company also said quarterly revenue to date has been
in line with seasonal trends and current market
expectations and added it has made good progress
operationally.
"With three new customer sites up and running in the
third quarter - and two more slated to go 'live' in the
fourth - CryptoLogic continues to see a brighter outlook
for 2009," said chief executive Brian Hadfield.
Online Casino News courtesy of
InfoPowa
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