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Record results for CryptoLogic in second quarter

CryptoLogic, the award-winning software provider utilized by VIPCasino, has announced record results for the second quarter of 2006.

The leading software developer and supplier to the global internet casino and poker markets reported the "better-than-expected" performance amidst revenue increases of 52 per cent.

According to a company statement, revenues were boosted due to a strong quarter in online casino software fees which spearheaded the release of a number of innovative new casino games and CryptoLogic's expanded high-margin slot portfolio.

The results are particularly impressive given that the second quarter of the year is traditionally a slower one in the online gaming sector.

Overall, CryptoLogic increased its revenue by 52 per cent to a record $30.4 million &ndash 12 per cent higher than the first quarter of 2006 and above the company's predicted revenues of between $26.4 and $26.7 million.

Lewis Rose, CryptoLogic CEO, said: "CryptoLogic's new casino games went head-to-head with the World Cup and warm weather &ndash and won. Our Q2 revenue and earnings were far ahead of expectations and surpassed our results in Q1 2006, which is a typically stronger quarter.

"Players have embraced our new games and industry commentators agree that we have taken the online slot experience to the next level. CryptoLogic's player-centric, product diversification and innovation strategy is paying off."