Cryptologic takes a hit on the bottom line
Wednesday, October 1st, 2008Long-time established online gambling software provider, Cryptologic (TSX:CRY) , has been anticipating operating losses of $1 million to $1.5 million in the current quarter, the foreign exchange loss was expected to bring that number to $3.6 million due to what it called “the rapid and unexpected appreciation of the U.S. dollar against U.K. sterling and the euro in recent weeks and a delay in converting the funds into U.S. dollars.”
The Dublin Ireland-based company has moved most of its cash and marketable securities into U.S. dollars, its reporting currency, to minimize the impact of further currency market volatility.
“While it is disappointing that financial market volatility will affect our third-quarter results, CryptoLogic has made good progress operationally with the launch of new products, improvements to our technology platform and seven new customer wins so far this year,” stated CEO Brian Hadfield.
We will look hopefully forward to a strong fourth quarter with revenue increasing.