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Federal Vote to Legalize Internet Gambling Possible By Late April
John Campbell, Barney Frank Introduce Internet Gambling Bill
By Dan Cypra - Mar 17th, 2011 ..
In a day that featured the tip-off of the 2011 NCAA Men’s Basketball tournament, lawmakers on Capitol Hill stole the show. Dominating wins by Pittsburgh and San Diego State and disheartening losses by Louisville and Vanderbilt were overshadowed by Congressmen John Campbell (R-CA) and Barney Frank (D-MA) introducing the Internet Gambling Regulation, Consumer Protection, and Enforcement Act. The bill’s number was not known at press time.
The news was released around 6:45pm ET on Thursday and the measure strongly resembles HR 2267, which was rubber stamped out of the House Financial Services Committee last July by a 2:1 margin. HR 2267, despite its approval, did not see time on the House floor and a last-ditch attempt to attach an online poker-only version of it from Senate Majority Leader Harry Reid (D-NV) was also unsuccessful.
In January, the House of Representatives turned over from Democratic to Republican control. In the process, Frank lost his position as Chairman of the House Financial Services Committee and now serves as its Ranking Member. Democrats retained control of the Senate.
According to the Poker Players Alliance (PPA), the bill would implement “new technologies to prevent underage play and problem gambler abuse. The bill expands consumer protections not included in the current Unlawful Internet Gambling Enforcement Act (UIGEA). In addition, the Federal Government and the states will have the authority to prevent consumer fraud and generate revenue through taxes that are currently being paid to competing countries.”
The bill also contains provisions to investigate potential licensees; set deposit and loss limits; and combat cheating, fraud, tax evasion, and money laundering.
In last year’s markup of HR 2267 in the House Financial Services Committee, Campbell emerged as one of the true champions of protecting internet gambling consumers, a trait that appears to carry over into the new bill.
HR 2267 would have created a comprehensive licensing and regulatory framework for the internet gambling industry in the United States. Unlike intrastate bills that, for the most part, only allow players to battle against others in the same state, a nationwide bill would encompass all jurisdictions. The PPA and gaming giants like Caesars Entertainment have pushed feverishly for a Federal solution.
The measure seeing the light of day in the House Financial Services Committee appears to be a difficult task. A source close to Committee Chairman Spencer Bachus (R-AL) was quoted in a recent Washington Times article as saying, “If Mr. Bachus addresses internet gambling in the 112th Congress, such action would focus on examining the effectiveness of existing laws and making them tougher.”
Despite the long road ahead, the PPA was pleased that a bill similar to HR 2267 became a reality once more. PPA Chairman and former three-term Republican Senator Alfonse D’Amato commented in a press release, “I commend Representative Campbell and Ranking Member Frank for their leadership to protect players’ rights while implementing important consumer safeguards. We look forward to supporting this vital legislation as it moves through the legislative process.”
An intrastate internet gambling bill made it to the desk of Governor Chris Christie in New Jersey before it was ultimately vetoed. Across the country last week, Nevada Assembly Majority Whip William Horne introduced AB 258, which would legalize intrastate online poker. The bill, which is purportedly backed by PokerStars, also allows Nevada to enter into agreements with other jurisdictions where internet gambling is not explicitly illegal.
It’s shaping up to be a busy 2011 in the world of poker legislation, so keep checking back with Poker News Daily for the latest developments.
if it does,, this is the one to watch !!!!
Approval of online gaming collaboration might make history
By Richard N. Velotta (contact)
Mon, Mar 21, 2011 (3 a.m.)
Sun Coverage
* Headlines from the Las Vegas gaming industry
Is history about to be made on Internet gambling in Nevada?
This month’s state Gaming Control Board meeting had that feel when a seemingly mundane request on the suitability of a relationship between Caesars Entertainment and a foreign company turned out to be a baby step toward the implementation of legal online gambling.
After nearly two hours of discussion, the Control Board unanimously recommended approval of Caesars’ relationship with Cassava Enterprises (Gibraltar) Ltd. and Fordart Ltd., subsidiaries of Israel-based Internet gaming giant 888 Holdings LLC. 888 Holdings offers online casino games, poker, bingo, sports wagering and social gaming applications in the United Kingdom, France and Italy.
Caesars and 888 aren’t saying exactly what they plan to do, but the tone of the questions and responses with regulators indicates Caesars is getting ready to take poker to the masses online. That’s no surprise. Caesars has been pressing for the legalization of online poker for some time and owns arguably the most recognized poker brand, the World Series of Poker.
Regulators have long thought that any online gaming legislation would address poker, which generally pits players against each other instead of against a casino. Although online gambling is a reality around the world, most think the United States isn’t ready for anything other than poker right now.
Meanwhile, a day after the Control Board meeting, Assemblyman William Horne, a Las Vegas Democrat, unveiled legislation enabling the state to regulate Internet poker. Horne’s bill said “allowing licensed Internet poker sites to locate in and operate from … Nevada will benefit the economy of this state and assist in protecting consumers from criminal and corruptive influences that may be present in unlicensed and unregulated Internet poker sites.”
The next step in the historic walk occurs March 24 when the Nevada Gaming Commission takes up the Control Board’s recommendation. Don’t expect much drama on that decision. Although the commission is meticulous in its analysis of the Control Board’s actions, there don’t appear to be any roadblocks to approval.
Three commissioners attended the Control Board meeting to get a grasp of the discussion they might not get from a transcript.
If Caesars is allowed to collaborate with 888, it would be only the second time a Nevada-licensed company has been allowed to have that type of relationship under the state’s foreign gaming statutes.
At the Control Board hearing, Mitch Garber, CEO of Caesars Interactive Entertainment, told regulators the company would use its World Series of Poker and Caesars brands in overseas markets through its relationship with 888. He added that Caesars chose to partner with the company because it has online gaming hardware and software and that his company wouldn’t be writing programs.
After the vote, Garber said he thought it was an important step toward the legalization of Internet gambling in the United States.
“It was a historic moment,” Garber said. “It confirms that Internet gaming is a reality. It should allow us to look more and more at a federally regulated environment in the United States.”
That comment could be more telling about Caesars’ game plan — and why Horne’s bill may not stand a chance in the Legislature.
Caesars and its top rival, MGM Resorts International, have panned Horne’s proposal because they think Internet gambling should be regulated on the federal level and not by states.
Horne’s bill references Internet gambling across state lines and enables the Gaming Commission to establish regulations that enable it to enter agreements with other states and take a cut of revenue from play originating outside the state.
The legislation says the commission “may issue a license as an operator of Internet poker to a person or an affiliate of a person who has been licensed to operate Internet poker by a recognized regulatory body of another jurisdiction with licensing requirements that are similar to the licensing requirements of this state …”
In addition, the commission “is authorized to enter into compacts with other jurisdictions where interactive gaming is not prohibited, setting forth the manner in which … Nevada and such other jurisdictions will regulate and share tax revenues from interactive gaming operations between jurisdictions and enforce criminal laws related to cheating, tax evasion or unlicensed interactive gaming …”
But representatives of Caesars and MGM Resorts are convinced that state oversight is no substitute for uniform federal regulation.
“This is not a bill that we support,” said Jan Jones, Caesars’ senior vice president of communications and public relations, after Horne’s bill became public. “Our focus is not intrastate, our focus is interstate. It’s federal, it’s putting together an American, an appropriate regulation and licensing regime and taking the jobs and revenues going to foreign companies and bringing it back to America.”
Her counterpart at MGM Resorts, Alan Feldman, told AP, “I think everyone’s objective should be to get the proper bill passed, and to do so federally. The business model ought to be following sound public policy, and (the Nevada bill) is actually a pretty good model of getting a business model way far ahead of anyone’s policy.”
One concern about different states having different Internet gambling legislation is that states have had different standards in how they deal with casino companies.
New Jersey was close to being the first state to legalize Internet poker, but Gov. Chris Christie vetoed legislation this month, citing legal concerns. New Jersey state Sen. Raymond Lesniak, author of that bill, promised to retool it.
The Poker Player Alliance, an organization that is working to get some form of Internet poker legislation enacted, has acknowledged the same concerns Caesars and MGM Resorts has had with state-by-state regulation.
Former New York Sen. Alphonse D’Amato, chairman of the Poker Players Alliance, called the Christie veto “a wake-up call” to federal lawmakers to enact online poker legislation.
Many gaming insiders think efforts in New Jersey, Nevada and other states to approve online poker will pressure federal lawmakers to reconsider the matter sooner rather than later. Sen. Harry Reid attempted to gather support for a poker bill in December, but it died in the lame-duck session.
Supporters of online poker are hoping the surge in interest at the state level will create momentum for federal legislation.
The favorable finding of the suitability of Caesars to collaborate with an established foreign online gaming company is a small part of that surge that could eventually lead to the legalization of Internet poker.
From that perspective, the Nevada Gaming Commission meeting could be historic.
Visitor statistics
Las Vegas’ strong January convention calendar resulted in a healthy boost in visitor volume for the month, the Las Vegas Convention and Visitors Authority reported.
With 140,000 people showing up for the Consumer Electronics Show compared with 126,000 in 2010 and three shows in February 2010 starting in January this year, the 50,000 World Market Center show, the 50,000 World of Concrete and the 18,000 Surfaces show, visitor counts attributable to convention attendance were stellar.
There were 615,854 people in town for conventions, a 36.9 percent increase over the total in January 2010, despite a dip the number of shows for the month.
The positive bump for convention attendance led to an 8.6 percent increase in visitor volume to 3.1 million for the month.
Nearly every category showed improvement in January compared with last year.
The number of passengers arriving and departing from McCarran International Airport was up 5 percent to 3.2 million people.
The average daily room rate broke the $100 barrier for the first time since October, hitting $107.22, a 7.5 percent increase over January 2010. Before that, it hadn’t been more than $100 since January 2009.
All four occupancy rate categories were up. Hotel occupancy was up 7 points to 81.8 percent, motel occupancy climbed 15.5 points to 53.7 percent, weekend occupancy was up 4.6 points to 86.1 percent and midweek occupancy soared 11 points to 75.6 percent. The overall average was up 7.9 points to 79 percent.
But there were a few declines in numbers, confirmation that tourism isn’t completely back.
The average daily auto traffic on major Southern Nevada highways dipped 0.4 percent to 73,764 vehicles a day. Gaming revenue was off with Strip revenue down 2.5 percent to $482.7 million, resulting in overall Clark County revenue down 0.4 percent to $761.4 million.
The state Gaming Control Board said gross gaming revenue was off as a result of lower volume and win in baccarat, the volatile game of choice for high rollers.
CRYP has one of the finest and broadest software gaming products in the entire industry. It's products are used and trusted all over the world.
The US internet gaming market is about to crack open, imo and it's just a matter of time before the company is a big player in the U.S.
I look for improved earnings next quarter. Things are looking up for CRYP and the current price will be looked back upon as a gift n a few months, imo.
$CRYP~ CRYP logic Classic Breakout!! Check Chart here
We called this stock at the very bottom, we got lucky just happened to be watching lol
1.06 was the Alert to our chat room stockgoodies.com and other newsletters and blogs.
Anyone wishing to get on the mailing list
Email me
manictrader@stockgoodies.com
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Short term maybe 1.50?
CryptoLogic Unveils Instant Click and Signs Licensing Deal With Tain
DUBLIN, IRELAND--(Marketwire - 07/19/10) - CryptoLogic Limited (TSX:CRY - News)(TSX:CXY - News)(NASDAQ:CRYP - News)(LSE:CRP - News), a global developer of branded online betting games and Internet casino software, announces the launch of a new gaming package, Instant Click, which has been licensed to Tain AB (Tain), a leading European provider of e-gaming technology infrastructure licensed in Malta.
Instant Click is the latest innovation from CryptoLogic that enables rapid deployment of a range of titles from its complete suite of more than 300 online games, by online operators and technology providers on their own e-gaming infrastructure and electronic cashier systems. As a result, CryptoLogic's Instant Click package can now be integrated and made available to players in just a few weeks.
Tain, whose e-gaming platform is used by more than a dozen prominent online operators, is the first company to license Instant Click, for an initial three years. CryptoLogic will derive a share of wagering revenues generated by its games, in line with its existing business model.
Christer Fahlstedt, Tain CEO, said: "Instant Click is a technology platform provider's dream. It enables CryptoLogic's highly sought-after games to be rolled out swiftly to the online player community by leveraging operators' existing infrastructure at little additional cost. As a result we are hugely excited to introduce this product to our customer base."
Brian Hadfield, President and CEO of CryptoLogic, said: "Instant Click has been designed in response to market need and is a solution for online operators who want CryptoLogic's innovative gaming content but do not require its full hosting casino platform. Its launch not only boosts CryptoLogic's addressable market but also complements our branded games licensing strategy. For the first time in the Company's history we now have a range of products that suits the needs of most operators worldwide and enables them to differentiate themselves with the adoption of our proven content."
About CryptoLogic® (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading public 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, including the "big four" international operators. 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. WagerLogic® Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of gaming software and services to blue-chip customers that offer their games to non-U.S. based players around the world. For information on WagerLogic, please visit www.wagerlogic.com.
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).
About Tain AB
Tain, founded in 2001, is a proven gaming infrastructure software provider that provides products to a number of casino and poker operators.
Products include Tain Commons Platform (TCP) - a back office platform with seamless integration to a number of gaming systems, and Tain Payment Gateway (TPG) - a top tier payment gateway supporting 20+ payment methods. Tain Operations, the operational arm of Tain AB, offers a full range of hosting and support services in multiple jurisdictions including Malta, Kahnawake and Curacao. Currently seventeen operators are live using the Tain TCP/TPG systems.
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.
Contact:
Contacts:
CryptoLogic
Stephen Taylor
Chief Financial Officer
+353 1 234 0415 begin_of_the_skype_highlighting +353 1 234 0415 end_of_the_skype_highlighting
Corfin Public Relations
Neil Thapar, Alexis Gore or Harry Chathli
(UK media only)
+44 207 596 2860 begin_of_the_skype_highlighting +44 207 596 2860 end_of_the_skype_highlighting
Tain
Christer Fahlstedt
Chief Executive Officer
+46 8 462 16 00 begin_of_the_skype_highlighting +46 8 462 16 00 end_of_the_skype_highlighting
Cryptologic, Inc. is engaged in Internet software development and management. The company's products permit the processing of online transactions, with a current focus on e-commerce and Internet gaming software. The company's software is used by individuals registered in over 240 nations and territories worldwide. The company's products include Ecash and online casino software.
CryptoLogic Announces Q2 2010 Results, Further Restructuring and Management Changes
DUBLIN, IRELAND--(Marketwire - 08/12/10) - CryptoLogic (TSX:CRY - News)(TSX:CXY - News)(NASDAQ:CRYP - News)(LSE:CRP - News), a global developer of Internet casino and branded gaming software, announces its financial results for the second quarter ended June 30, 2010. Additionally, the Company announces further restructuring and management changes.
Results Summary:
-- Total revenues declined to $6.7 million (Q1 2010: $7.6 million)
reflecting a change in accounting estimate relating to the amortization
of certain pre-paid royalties and continued difficult trading
-- Hosted casino revenue at $5.8 million (Q1 2010: $5.8 million).
Amortization of royalties and games now reported separately and no
longer charged against casino revenues
-- Branded games revenue increased to $1.5 million (Q1 2010: $1.3 million)
-- Poker and other revenues were $0.7 million (Q1 2010: $1.3m)
-- Amortization of royalties and games increased to $1.2 million (Q1 2010:
$0.7 million) as a result of a change in accounting estimate relating to
the amortization of certain prepaid amounts
-- Operating, general & administrative and amortization costs amounted to
$12.9 million (Q1 2010: $11.0 million)
-- Non-recurring costs of $7.3 million, comprising a non-cash impairment of
intangible assets of $3.6 million, impairment of capital assets of $2.1
million and reorganization costs, including an additional provision of
$1.7 million for the restructuring plan
-- Net loss of $12.7 million (Q1 2010 Loss: $3.2 million)
-- Net cash at June 30, 2010: $17.4 million (Q1 2010: $19.7 million)
Further Restructuring and Outlook:
-- Implementing a further restructuring plan to lower significantly the
cost base, including a reduction in workforce by the end of Q4 2010
-- Commenced implementation of measures advised by external industry
consultants to improve hosted casino
-- Outlook remains challenging and the Board continues to pursue avenues to
enhance the Company's strategy in the interests of stakeholders
Management Changes:
-- After working with the Board on the restructuring plan, Brian Hadfield,
Chief Executive Officer, has decided to leave the Company and resign as
a Director. David Gavagan, the Chairman, assumes the role of CEO on an
interim basis
-- As announced previously, Huw Spiers has joined the Company and will
assume the role of Chief Financial Officer from August 15
Overview
Q2 2010 results were disappointing as slow progress was made amid continued challenging trading conditions to turn round the Company's performance. Overall revenues declined to $6.7 million (Q1 2010: $7.6 million). The Company amortized the cost of certain prepaid royalties on a straight line basis, reducing overall revenues by $0.6m in the quarter. In addition, some licensees experienced a decline in contribution from higher margin slot games and some negative impact from the World Cup. Excluding the impact of the change in accounting estimate for prepaid royalties, revenues from both the hosted casino and branded games licensing business were up sequentially.
The Company incurred $7.3 million non recurring costs, comprising a non-cash impairment of intangible assets of $3.6 million, impairment of capital assets of $2.1 million and reorganization costs, including an additional provision of $1.7 million in respect of a further restructuring to reduce its cost base.
Further restructuring
In the light of continuing difficult trading conditions, a further restructuring is being implemented to reduce significantly the cost base including a reduction in the total workforce by the end of Q4 2010.
Following a review by a leading firm of industry consultants announced previously, a number of measures are being implemented to improve the performance of the hosted casino business.
Management Changes
After working with the Board on the restructuring plan, Brian Hadfield, Chief Executive Officer, has decided to leave the Company and resign as a Director. David Gavagan, the Chairman, assumes the role of CEO on an interim basis.
As announced previously, Huw Spiers has joined the Company and will assume the role of Chief Financial Officer from August 15.
Operating Review
Hosted Casino
Revenue from fully hosted virtual casino rooms provided to online gaming brand operators was $5.8 million in Q2 2010 (Q1 2010: $5.8 million). Amortization of royalties and games now reported separately and no longer charged against casino revenues. CryptoLogic's fully hosted casino suite was launched recently by Betsafe.com under a multi-year licensing deal signed last year. Betsafe is a leading online gaming operator with a customer base of over 400,000 players.
Branded Games
Branded casino games delivered further growth as operators continued their rollout of CryptoLogic games. Revenues from this segment increased to $1.5 million in Q2 2010 (Q1 2010: $1.3 million), despite some licensee sites being impacted by lower wagering activity caused by the World Cup.
51 new branded games were launched in the quarter taking the total number of games rolled out by licensees and generating revenues to date to 150, with a further backlog of approximately 41games expected to go live in 2010. CryptoLogic's games are licensed to many of the world's leading online gaming operators such as 888.com, Betfair, GalaCoral, and PartyGaming.
Since June 30, three clients have been signed for CryptoLogic's new casino offering, Instant Click. They are Tain AB, SkillonNet and Nyx Interactive. This product is aimed at expanding the Company's addressable market and shortening the time required to implement these new games on customers' networks.
Amortization of Royalties
The Company licenses various royalty rights from several owners of intellectual property rights for use in the Hosted Casino and Branded Games. Generally the arrangements require material prepayments of minimum guaranteed amounts which have been recorded as prepaid expenses. These prepaid amounts are amortized over the life of the arrangement as gross revenue is generated or on a straight line basis if the underlying games are expected to have an effective royalty rate greater than the agreed amount. The amortization of these amounts is recorded as a reduction in revenue. In Q2 2010 the Company revised its accounting estimate in respect of the amortization of certain prepaid royalties so that substantially all royalties are now being amortized on a straight line basis. Amortization of royalties and games now reported separately and no longer charged against casino revenues.
Balance Sheet and Cash Flow
At June 30, 2010, the Company ended the quarter with $17.4 million of net cash, which consists of cash and cash equivalents and security deposits, or $1.26 of net cash per diluted share (March 31, 2010: $19.7 million or $1.42 per diluted share). The decrease in net cash during Q2 2010 of approximately $2.3 million is due to the cash impact of operating losses of $3.1 million and purchase of capital assets of $0.4 million, and a decrease in trade accounts payable of $1.2 million, partially offsetting this is a decrease in accounts receivable of $2.0 million, decrease in prepaid expenses $0.2 million and a $0.2 million increase in income taxes payable. The Company continues to be debt free.
Outlook:
Outlook remains challenging and the Board continues to pursue avenues to enhance the Company's strategy in the interests of stakeholders.
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.
About CryptoLogic® (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading public 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. WagerLogic® Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of gaming software and services to blue-chip customers that offer their games to non-U.S. based players around the world. For information on WagerLogic, please visit www.wagerlogic.com.
CRYPTOLOGIC LIMITED
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As at As at
June 30, December 31,
2010 2009
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 17,153 $ 23,447
Security deposits 250 250
Accounts receivable and other 4,831 7,972
Income taxes receivable 611 681
Prepaid expenses 9,522 9,426
--------------------------------------------------------------------------
32,367 41,776
User funds held on deposit 7,274 7,929
Future income taxes 1,261 1,549
Capital assets 5,011 7,774
Intangible assets 100 4,342
--------------------------------------------------------------------------
46,013 63,370
--------------------------------------------------------------------------
--------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities 14,801 13,156
Income taxes payable 977 2,157
--------------------------------------------------------------------------
15,778 15,313
User funds held on deposit 7,274 7,929
Future income taxes 16 384
--------------------------------------------------------------------------
23,068 23,626
--------------------------------------------------------------------------
Minority interest 1,584 2,948
Shareholders' equity:
Share capital 34,108 33,916
Stock options 7,903 7,633
Deficit (20,650) (4,753)
--------------------------------------------------------------------------
21,361 36,796
--------------------------------------------------------------------------
$ 46,013 $ 63,370
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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 six months
ended June 30, ended June 30,
2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 6,739 $ 10,140 $ 14,380 $ 20,274
----------------------------------------------------------------------------
Expenses
Operating 9,508 9,895 17,594 18,094
General and
administrative 2,637 2,200 4,815 5,324
Reorganization 1,670 155 1,699 687
Impairment of intangible
assets 3,566 - 3,566 -
Impairment of capital
assets 2,058 - 2,058 -
Impairment of long-term
investments - 3,961 - 3,961
Finance 17 26 32 47
Amortization 739 1,199 1,479 2,504
----------------------------------------------------------------------------
20,195 17,436 31,243 30,617
----------------------------------------------------------------------------
Loss before undernoted (13,456) (7,296) (16,863) (10,343)
Interest income 17 122 59 293
----------------------------------------------------------------------------
Loss before income taxes
and minority interest (13,439) (7,174) (16,804) (10,050)
Income taxes:
Current 98 (583) (9) (743)
Future 44 (278) 274 (1,620)
----------------------------------------------------------------------------
142 (861) 265 (2,363)
----------------------------------------------------------------------------
Loss before minority
interest (13,581) (6,313) (17,069) (7,687)
----------------------------------------------------------------------------
Minority interest (931) (122) (1,172) (200)
----------------------------------------------------------------------------
Loss and comprehensive
loss $ (12,650) $ (6,191) $ (15,897) $ (7,487)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loss per common share
Basic $ (0.98) $ (0.46) $ (1.24) $ (0.56)
Diluted $ (0.98) $ (0.46) $ (1.24) $ (0.56)
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF (DEFICIT)/RETAINED EARNINGS
(In thousands of U.S. dollars)
(Unaudited)
For the six months ended
June 30,
2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Deficit)/Retained earnings, beginning of
period $ (4,753) $ 32,032
Loss (15,897) (7,487)
Dividends paid, excluding those paid to CEC
shareholders - (764)
(Deficit)/Retained earnings, end of period $ (20,650) $ 23,781
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF CASHFLOWS
(In thousands of U.S. dollars)
(Unaudited)
For the For the
three months six months
ended June 30, ended June 30,
2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from (used in):
Operating activities:
Loss $ (12,650) $ (6,191) $ (15,897) $ (7,487)
Adjustments to reconcile loss
to cash provided by (used in)
operating activities:
Amortization 739 1,199 1,479 2,504
Unrealized loss/gain on
forward contract 26 (9) (46) (136)
Reorganization costs to be
paid 3,925 155 3,925 687
Impairment of intangible
assets 3,566 - 3,566 -
Impairment of capital assets 2,058 - 2,058 -
Impairment of long-term
investments - 3,961 - 3,961
Future income taxes 44 (278) 274 (1,620)
Minority interest (931) (122) (1,172) (200)
Stock options 98 275 270 595
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(3,125) (1,010) (5,543) (1,696)
----------------------------------------------------------------------------
Change in operating assets and
liabilities:
Accounts receivable and other 1,954 (578) 3,141 (1,328)
Prepaid expenses 247 (1,637) (49) (1,937)
Accounts payable and accrued
liabilities (1,159) 336 (2,280) (2,441)
Income taxes payable 239 (712) (1,107) (915)
----------------------------------------------------------------------------
(1,844) (3,601) (5,838) (8,317)
----------------------------------------------------------------------------
Financing activities:
Dividends paid including
those to CEC shareholders - (829) - (829)
----------------------------------------------------------------------------
- (829) - (829)
----------------------------------------------------------------------------
Investing activities:
Purchase of capital assets (413) (191) (456) (307)
Purchase of other investments - (277) - (477)
Decrease in restricted cash - - - 2,175
----------------------------------------------------------------------------
(413) (468) (456) 1,391
----------------------------------------------------------------------------
Decrease in cash and cash
equivalents (2,257) (4,898) (6,294) (7,755)
----------------------------------------------------------------------------
Cash and cash equivalents,
beginning of period 19,410 33,491 23,447 36,348
----------------------------------------------------------------------------
Cash and cash equivalents, end of
period $ 17,153 $ 28,593 $ 17,153 $ 28,593
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Contact:
Contacts:
CryptoLogic
David Gavagan
Chairman
+353 (0) 1 234 0400 begin_of_the_skype_highlighting +353 (0) 1 234 0400 end_of_the_skype_highlighting begin_of_the_skype_highlighting +353 (0) 1 234 0400 end_of_the_skype_highlighting
Corfin Public Relations
Neil Thapar, Alexis Gore or Harry Chathli
(UK media only)
+44 207 596 2860 begin_of_the_skype_highlighting +44 207 596 2860 end_of_the_skype_highlighting
Looks like were the first to be here in a while !! Watch Out!!
Think ive found a new home
Very good news for CRYP
Online casino specialists Cryptologic on verge of multinational sports betting deal
Superman: to feature in new games from CryptologicSuperman: to feature in new games from Cryptologic
BARRY O'HALLORAN
IRISH ONLINE casino gaming specialist Cryptologic is on the verge of signing a deal with multi-national internet sports betting operator Betclic and is preparing to launch a series of new games in partnership with multinationals DC Comics and Paramount Digital Entertainment.
The Dublin-based company, which is listed on the New York, Toronto and London stock exchanges, develops and licences for casino games such as blackjack and slot machines.
Existing customers include Irish bookmaker Paddy Power, as well as British operators such as Victor Chandler, Cheltenham Gold Cup sponsor Totesport and betting exchange Betfair.
It is understood that the company is expected to announce this week that it has recruited Malta-based sports betting group Betclic, which will offer Cryptologic games on its casino website.
Betclic is part of French giant Mangas and is primarily focused on sports betting; it has a particular focus on European football.
The group has businesses in 15 countries and, according to the most recent figures, has about 1.5 million customers.
Betclic is also working on developing its poker and casino offerings, which have become a standard part of online betting businesses.
Last week, it recruited former Ladies’ World Poker Tournament champion Isabelle Mercier as a consultant. Ms Mercier has worked in similar roles for some of the company’s rivals.
The deal is likely to be announced later this week, and Betclic will be the 30th licencee recruited by Cryptologic since it switched focus from operating its own online casino business to developing and selling software to other operators.
The Irish company has partnerships with DC Comics and Paramount Digital Entertainment – parent of Paramount Pictures – and develops games using both multinational groups’ characters.
This week, it is also expected to launch new blackjack and casino games featuring DC Comics hero Superman as well as Braveheart from Paramount’s biopic of Scottish rebel William Wallace, which starred Mel Gibson.
Cryptologic switched its emphasis under the leadership of current chief executive Brian Hadfield. A writedown in the value of a number of Asian investments meant the company made a loss of about €7 million before tax in the first six months of this year.
However, the company said in August that it returned to profitability in June, and added that it was on target to generate a surplus in the second half of the year.
Is this the news you were hoping for?
http://www.irishtimes.com/newspaper/finance/2009/1214/1224260652810.html
There should be news out of the company. Silence is NOT golden
Indeed I have been watching CRYP today and really temped to pick some off 2.90, thing is the sucker just keeps getting hit, all the volume is selling, have not seen buying come in. Not wise to be first to the buy party as you usually get creamed, but it sure is depressed, and 6 down days in a row....
MWM as far a longs go I am 100% cash right at the moment, and expect if this is not the start of C wave down the alternet count is just one more rally to end B and that will just provide a better short entry.
This is not a market to be long short term, mid term, or long term in my mind.
There was some type of gov't bill that Barney Frank was going to pass, never heard one word out of it...
Hey sometimes you win sometimes you lose and with options it only takes a few good wins...
Have not followed this one in a while and you were very right on BQI for now...
GL!
Mike
"Added a lot of May $10 calls on the frank News!"
OUCH, bet that hurt worse then your BQI Apr 2.5 calls.
You playing a bounce up for CRYP from the 3.90 level?
Rep Frank to unveil online gambling bill
Tue May 5, 2009 5:14pm BST
WASHINGTON (Reuters) - U.S. Representative Barney Frank will unveil legislation on Wednesday to roll back a U.S. ban on online gambling, he said in a statement on Tuesday.
The new bill would exempt operators that are licensed and regulated from the ban enacted in 2006, Frank said.
The Massachusetts Democrat said his legislation "will enable Americans to bet online and put an end to an inappropriate interference with their personal freedom."
The Frank bill is likely to be opposed by anti-gambling Republicans. The ban was imposed during the Bush administration and has damaged U.S.-European Union trade ties.
European online gambling firms lost billions of euros in value after Congress made it illegal for banks and credit card companies to make payments to online gambling sites.
Republicans controlled the White House and Congress when the law was approved. Now, Democrats are in control in both branches of the government, but it is unclear how the Obama administration will handle the issue.
Companies involved in the issue include PartyGaming Plc and 888.com.
(Reporting by Kevin Drawbaugh; Editing by Tim Dobbyn)
FYI...Fridays article re:CRYP...
http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061103:MTFH19197_2...
do your own dd
gl2a
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