Cryptologic Cut Costs but Suffer Losses
Cryptologic
Cryptologic, the Ireland based software provider for Intercasino, has announced that their losses for the first nine months of 2010 have gone up from $10.7 million (approximately £6.6 million) in 2009 to $19.5 million (£12.1 million). Cutting running costs by more than half has not helped to turn around these figures, as the casino software company still suffered losses of $3.6 million (£2.2 million) in the third quarter. Senior managers at Cryptologic had hoped that a restructuring plan, which was introduced in August, would help to turn around recent figures.
However, this hasn’t been the case, as third quarter figures since the restructuring show a loss of $3.6 million compared to the $3.2 million (£2.2 million) loss from the same period last year. This is despite cutting costs from $20.2 million (£12.5 million) in this year’s second quarter to $9.9 million (£6.1 million) in the third.
In response to these figures, a statement from Cryptologic announced that further restructuring would occur and that their intentions were to “make a full impact in subsequent quarters.”
Revenue from online casinos such as Intercasino dropped from $5.8 million (£3.6 million) to $5.6 million (£3.4 million) from the second to the third quarter while revenues from branded games included the popular Marvel Comics slots series also fell from $1.5 million (£930,000) to $1.4 million (£870,000) in the same time period.
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