Cryptologic 2010 results

Nate

Well-Known Member
webmeister
CAG
Very interesting post....

From what I read, they have effectively cut their work force in half and have posted losses for 2 consequetive years? (Net loss of $20.4 million (2009: $35.5 million) )??

Who is running Crypto software BTW?

Nate
 

baldidiot

Webmeister
webmeister
I'm so surprised at how badly cryptologic have done over the past few years - they used to be so big when I started.

What caused the mass exodus of brands from cryptologic, does anyone know?
 

BoyleCasino.com

Dormant account
I think the Marvel branded slots were a huge investment for them. A real shame to see one of the old school developers on such a slippery slope, hopefully with the restructures they've done this past year they will have seen out the worst of it. A debt free company will always have the power to take risks and explore new areas so hopefully they will come up with something to boost revenues over the next few years. The deal with Bwin should be good for them too.
 

threescatters

Dormant account
PABnonaccred
Crypto are one of the good guys. I hope they can turn it around this year, playing on Intercasino is pretty fun.
 

baldidiot

Webmeister
webmeister
The marvel slots are great though, worth the moolah. And they're being licenced out now so maby that will help change the tide.

It's a shame about the poker network though...
 

jetset

RIP Brian
CAG
CRYPTOLOGIC ON THE SALES BLOCK?

Independent review commissioned

Battling online gambling technology and games provider Cryptologic has announced that it has appointed Deloitte Corporate Finance as an independent financial adviser to assist it with a strategic review of the company and its future strategic options....and it appears that a sale is one of the possibilities facing the industry pioneer.

"This review is at an early stage and will consider a number of strategic options, including the possibility of an offer being made for the company or a disposal of part of the business," the statement informs interested parties.

"The Board wishes to stress that there can be no certainty that any offer will be forthcoming."

The statement gives an undertaking to shareholders that they will be kept informed of developments.

Earlier this week Cryptologic posted another disappointing set of full year and Q4 results, which included notification of an ongoing dispute:

"Management also furnished an update on commercial matters as part of the report.

"Following receipt of notice of arbitration from a significant supplier of games that is not identified in the report, Cryptologic served notice of termination of its agreement with the supplier in February 2011, to take effect from March 2011. Notwithstanding this termination, discussions are ongoing with the aim of reaching a commercially acceptable solution prior to the commencement of significant arbitration proceedings. In the absence of achieving such a solution, arbitration hearings are likely to proceed later in 2011.

"In February 2011, a brand licensor delivered to the company a notice purporting to terminate the brand license agreement between the two companies, claiming that Cryptologic had breached the agreement. Cryptologic management believes there is no breach that warrants termination of the agreement and, accordingly, considers the agreement remains in force."
 

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