CRY -T posted 2nd Q results tonite. Competitor to SNMM but much cheaper at 17.30CDN Generally thin trading though......
CryptoLogic Inc CRY
Shares issued 8,504,445 Jul 22 close $17.30
Thu 22 Jul 99 News Release
Ms. Jenny Solursh reports
CryptoLogic total revenue for the three months ended June 30, 1999,
totalled $8.0-million (U.S.), an increase of $2.8-million or 54 per cent
over the same period last year. Net income for the quarter totalled
$4.9-million, an increase of $1.6-million or 48 per cent over the same
period last year. As a result, earnings per share in the second quarter of
1999, were 57 cents compared with 39 cents in the second quarter of 1998.
On a fully diluted basis, earnings per share were 32 cents for the second
quarter of 1999, compared with 22 cents for the second quarter of 1998. At
the end of the second quarter, CryptoLogic's cash and cash equivalents,
including restricted cash totalled $36.4-million.
Total revenue for the six months ended June 30, 1999, totalled
$16.2-million (U.S.), an increase of $4.8-million or 42 per cent over the
same period last year. Net income for the six months totalled
$10.3-million, an increase of $3.1-million or 43 per cent over the same
period last year. As a result, earnings per share in the first six months
of 1999, were $1.21 compared to 87 cents in the first six months of 1998.
On a fully diluted basis, earnings per share were 67 cents for the first
six months of 1999, compared to 48 cents for the first six months of 1998.
Second quarter
(in millions of U.S. dollars)
1999 1998
Revenue $8.0M $5.2M
Net income $4.9M $3.3M
Earnings
per share 57 cents 39 cents
Six months ended June 30
(in millions of U.S. dollars)
1999 1998
Revenue $16.2M $11.4M
Net income $10.3M $7.2M
Earnings
per share $1.21 87 cents
Total revenue for the second quarter was 3.4 per cent lower than in the
first quarter of 1999. In 1998, total revenue for the second quarter was
15.6 per cent lower than in the first quarter of that year. Management
believes that this trend can be attributed to seasonality and is similar to
what is noted elsewhere in the Internet industry. The effect of seasonality
is considerably less in 1999 (3.4 per cent) than in 1998 (15.6 per cent).
On April 15, 1999, the company intended to apply for listing on the Nasdaq
national market. Management anticipates the submission of its application
to occur in the early fall as scheduled, enabling greater investment
exposure in the United States marketplace.
Pursuant to the normal course issuer bid, the company purchased 25,000
common shares at a price of $17.50 (Canadian) during the latter part of
June, 1999. Under the issuer bid, which expires on May 12, 2000, the
company has the right to purchase an additional 400,000 common shares.
During the quarter, CryptoLogic's wholly owned subsidiary, IOLL completed
two new licensing agreements for its gaming software and looks forward to
the launch of version 4.0 of this leading gaming application in the latter
part of 1999.
Management also continues to pursue opportunities in worldwide markets
including Australia, Asia and Europe to promote its state-of-the-art
Internet software applications for both electronic commerce and Internet
gaming. CryptoLogic's gaming software is currently accessible in Japanese,
English, and Spanish with several additional languages becoming available
in the coming year. The additional languages that are becoming available
will increase the potential to expand into international markets and appeal
to foreign jurisdictions.
(c) Copyright 1999 Canjex Publishing Ltd. http |
