Online gaming software developer CryptoLogic has seen its revenue continue to increase in the fourth quarter of 2007.

Its revenue and net income were greater than had been forecast.  Its revenue for the fourth quarter was $20.4 million, nearly $2 million greater than predicted back in November.  Meanwhile its net income was $4.3 million for the fourth quarter, which was higher than the forecast of between $2 million and $3 million.

CryptoLogic’s CEO, Brian Hadfield said, “In 2007, CryptoLogic demonstrated the resilience of its business – and the strength of its strategy.  CryptoLogic led the industry in gaming innovation, broadened and deepened its customer relations, grew both its core and emerging businesses, and made strategic investments in Europe and Asia.  CryptoLogic enters 2008 with a new wave of momentum – and a new world of opportunity.”

The growth in CryptoLogic’s revenue has been in part due to their line-up of new casino games in October together with the much hyped release of the Spider-Man and Fantastic Four online slot games in December.  Its quarterly revenue increased by 16 percent and earnings increased by 82 percent, over the third quarter of 2007.  The company also boosted earnings from a release of contingency of $2 million.

Also in 2007 CryptoLogic acquired an initial stake in Mikoishi Pte Ltd, a leading games development and design company in the Asian market.  This gave CryptoLogic the chance to benefit from Asia’s ever growing mobile phone market.

Other investments include the acquisitions of Parbet.com, the Scandinavian online poker brand and Casino.co.uk as well as investing in 568 Network Inc., a developer and distributor of online games to the Chinese market.

The company currently has a strong balance sheet with $77.5 million in net cash, despite strategic acquisitions and investments continuing into the fourth quarter of 2007, such as that of Mikoishi Pte Ltd.  CryptoLogic continues to be free of debts.

Brian Hadfield has stated that CryptoLogic will carry on growing its core businesses by launching more casino games.  It will also use tournaments and other innovations to promote brand loyalty and liquidity to its licensees’ shared poker rooms.  In addition, the company will be searching for more quality licensees, and is currently in discussions with suitable candidates.  Due to leverage, from its robust, scalable technology platform, all incremental revenue goes directly to the bottom line.

CryptoLogic will increasingly be looking to expand into the Asian mobile phone gaming market as well as other segments of the online gaming market worldwide.

Source:http://www.onlinecasinopress.co.uk/