CRY 1999-10-21 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
CryptoLogic Announces Third Quarter Results: 57% Increase In Revenues, 45%
Increase In Income
TORONTO, CANADA--(stated in US$) CryptoLogic Inc. announced today
its third quarter results. Total revenue for the three months
ended September 30th, 1999 totaled US $8.0 million, an increase of
$2.9 million or 57% over the same period last year. Net income for
the quarter totaled $4.8 million, an increase of $1.5 million or
45% over the same period last year. As a result, earnings per
share in the third quarter of 1999 were $0.56 compared to $0.39 in
the third quarter of 1998. On a fully diluted basis, earnings per
share were $0.31 for the third quarter of 1999, compared to $0.22
for the third quarter of 1998. At the end of the third quarter,
CryptoLogic's cash and cash equivalents, including restricted cash
totaled $41.4 million.
Total revenue for the nine months ended September 30th, 1999
totaled US $24.2 million, an increase of $7.7 million or 47% over
the same period last year. Net income for the nine months totaled
$15.1 million, an increase of $4.6 million or 44% over the same
period last year. As a result, earnings per share in the first
nine months of 1999 were $1.77 compared to $1.26 in the first nine
months of 1998. On a fully diluted basis, earnings per share were
$0.98 for the first nine months of 1999, compared to $0.70 for the
first nine months of 1998.
/T/
(Amounts stated in
millions of U.S. Three Months Ended Nine Months Ended
dollars, except September 30, September 30,
per share disclosure) 1999 1998 % Change 1999 1998 % Change
--------------------------------------------------------------------
Revenue $8.0M $5.1M 57% $24.2M $16.5M 47%
Net income $4.8M $3.3M 45% $15.1M $10.5M 44%
Earnings per share $0.56 $0.39 44% $1.77 $1.26 40%
Fully diluted earnings
per share $0.31 $0.22 41% $0.98 $0.70 40%
Cash flow from
operations $5.1M $1.5M 240% $17.2M $7.2M 139%
Cash flow from operations
per share $0.60 $0.18 233% $2.02 $0.85 138%
Fully diluted cash flow
from operations
per share $0.33 $0.10 230% $1.10 $0.47 134%
Average number of
shares 8.6M 8.5M 8.5M 8.4M
Average fully diluted
number of shares 15.6M 15.3M 15.6M 15.3M
/T/
CryptoLogic's wholly owned subsidiary, Intertainet Overseas
Licensing Limited (IOLL), is in the process of finalizing the
Licensing Agreement with William Hill Limited of England that was
previously announced. William Hill Limited is one of the
foremost sports betting companies in the world.
On August 26, 1999, the Company announced that it had filed an
application with the Nasdaq Stock Market to list its shares on the
Nasdaq National Market. The Company's application is being
reviewed in the normal course by the Nasdaq Listing Committee.
The application is subject to review by Nasdaq Listing
Qualifications, and the fact that the Company has applied for
listing is not a guarantee that it will be accepted.
Pursuant to the normal course issuer bid, the Company purchased
9,400 common shares during the third quarter at an average price
of CDN $14.73. Bringing the total number of common shares
purchased under the issuer bid to 34,400 shares. Under the issuer
bid, which expires on May 12, 2000, the Company has the right to
purchase an additional 390,792 common shares.
CryptoLogic Inc. is a software development company with leading
proprietary technology enabling secure, reliable, high-speed
private financial transactions over the Internet. CryptoLogic
continues to innovate and develop state of the art Internet
software applications for both electronic commerce and Internet
gaming.
CryptoLogic's common shares trade on the Toronto Stock Exchange
under the symbol CRY. There are currently 8.6 million common
shares outstanding (15.6 million shares fully diluted).
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER
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. Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including without limitation
risks associated with the Company's financial condition and
prospects, 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 associated with
competition and other risks detailed in the Company's filings with
securities regulatory authorities. These risks may cause results
to differ materially from those projected in the forward-looking
statements.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
CryptoLogic Inc.
Jenny Solursh
Senior Vice President
(416)-545-1455
e-mail: jsolursh@cryptologic.com
www.cryptologic.com |
