Cryptologic, Inc. Shows Q3 Profits, Expects Growth in 2007

Cryptologic, formerly known as the leading internet gambling software provider, showed huge increases in quarter three results, however, all gains are assumed to be made before the US passing of the UIGEA.

Cryptologic expects only temporary losses in the fourth quarter which began on October 1, 2006. They lost many US facing vendors when the law passed, however, they have been prepping for the ban since the turn of the century.

More than any other gaming software they have been building their player base in London and Europe and in January they expect big gains when Playboy begins serving the world with their brand of the Cryptologic software.

Cryptologic said it will 'continue to invest aggressively in the growth of its business', so investors and share holders need not worry.

CEO Lews Rose also commented on how he believes he has the largest non-US poker software in the world which puts his company in a position for a promising future.

"We now power the world's largest poker network that excludes US players," said Rose.

"Our company's diversification, strong balance sheet, thriving European customers and potential new business in emerging markets enable us to face the future with confidence."



2006-11-04