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Strategy is Working

CryptoLogic has announced the company’s first quarter results, and as anticipated, the company’s finances are doing well. The online casinos gambling industry as a whole has done well for the first quarter of the year, and CryptoLogic is no exception to that trend. The company announced a new company strategy for the 2008 fiscal year, and it seems that the strategy is on target for ensuring the expansion of the company’s online casinos gambling licensing operations, as well as the acquisitions side of the strategy. Additionally, the report indicated that CryptoLogic is still in an extremely favorable cash positive position going into the rest of the year, and new acquisitions and deals have not put stress on the company’s cash balance.

Some of the new news for the first quarter of the year included the release of seven online casinos games into the market, as well as the acquisition of the coveted Casino.co.uk gambling portal. These were all in line with the company’s overall strategy, as was the development and release of new language versions for CryptoLogic’s exclusive deal with the World Poker Tour (WPT).

CEO Brian Hadfield only had positive comments in response to the online casinos software provider’s Q1 report. He notes, "Cryptologic is benefiting from a focused strategy of innovation, expansion, diversification and execution. In the first quarter, Cryptologic laid the foundations for future growth with investments in new games, new leadership and new partnerships with leading gaming and entertainment brands. That's why we are confident that CryptoLogic is on track for significant growth in 2008 and 2009."

The specifics on the actually finances listed in the report include $81 million in cash, group income in slightly below the same time last year at $19.3 million, and online gambling customer revenues showed a healthy increase over the previous quarter.