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CryptoLogic’s Second Quarter Financial Results

CryptoLogic Limited, an iGaming online games developer based in Dublin revealed their financial results for the second quarter of 2011 that showed a positive 3.5% rise in total revenues to $6.978 million when compared to last year.

CryptoLogic said that this result was the first quarterly profit in over 3 years and was aided by over 67% decrease to $6.547 million when compared to the previous year.

$500,000 were reported by CryptoLogic as income before tax for the 2nd quarter after the loss of $400,000 in the previous quarter. CryptoLogic stated that they currently posses $12 million in cash.

CryptoLogic stated that the “revenues in the quarter benefited from a reduction of $800,000 in liabilities previously provided against revenues through the resolution of a dispute with a significant supplier of games.

“The board is encouraged by the performance in the quarter and continues to focus on driving revenues further while managing costs tightly to enhance shareholder value.

“Further to the announcement on May 12, the company signed a binding agreement in June with the significant supplier of games, which enables the two parties to continue with their commercial relationship.

“Further to the announcement on May 12, the company remains in dispute with a brand licensor. In June, the company filed suit against the brand licensor seeking judgment that any breach was cured and the agreement remains in force. The brand licensor has yet to respond to this suit or file a counter-suit.”

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