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CryptoLogic Announces Q2 Results26 July 2000TORONTO, Ontario --(Press Release)--July 26, 2000--CryptoLogic Inc. (NASDAQ:CRYP - news; TSE:CRY. - news) CryptoLogic Inc., a leading supplier of software to the Internet gaming and e-commerce industries, today announced its financial results for the second quarter of 2000. Consistent with expectations, the Company enjoyed revenue growth of 15.2% over the same period in 1999. ``CryptoLogic continues to show its strength and profitability within the global Internet arena,'' said Andrew Rivkin, CryptoLogic's president and CEO. ``Our business strategy is paying off in new relationships with reputable, brand name casino operators around the world. CryptoLogic looks forward to even stronger performance in the latter half of 2000, as our new software comes into commercial use around the world.'' Financial Highlights (all figures stated in US dollars) Total revenue for the second quarter ended June 30, 2000 increased to $9.1 million, up 15.2% from the second quarter of 1999. Net income was $4.7 million, compared to $4.9 million in the same period in 1999. On a fully diluted basis, earnings per share were $0.31 for the second quarter of 2000, compared to $0.32 in 1999. For the six months ended June 30, 2000, the Company's revenue rose 11.7% to $18.1 million compared to $16.2 million in the prior year period. Net income for the six-month period was $8.8 million versus $10.3 million in the same 1999 period. As a result, earnings per share in the first half of 2000 were $0.74 compared to $1.21 in 1999. On a fully diluted basis, earnings per share were $0.58 for the first half of 2000 compared to $0.67 in 1999. Consistent with CryptoLogic's growth strategy for 2000, the second quarter showed continued investment in development and infrastructure, which will drive long-term revenue and earnings growth. As a result, net margins are expected to average 45-50% in the short term, and should increase further in 2001. As at the end of the second quarter of 2000, CryptoLogic's cash position increased over the second quarter of 1999 to $40 million. In May, CryptoLogic's share buyback plan was renewed, which authorizes the Company to purchase up to 561,000 common shares. During the second quarter, CryptoLogic purchased 182,500 common shares through the program, supporting management's view that the shares represent an attractive investment, given the Company's strong fundamentals. |