This week CryptoLogic Inc., the groundbreaking software developer and turnkey operation gambling casino provider declared solid financial results covering the fourth quarter and year ending December 31, 2017.
Record breaking revenues and earnings, along with a healthy operating cash flow reflect a regimented strategy and sturdy growth within the major online gaming casino and poker segments of the global market.
Lewis Rose, CryptoLogic’s President and CEO reports that for his company, CryptoLogic, 2017 indicated a decade of consistent performance and innovation. He describes that year as a milestone year for making available the world’s greatest innovative games to many of the world’s highly trusted gaming and entertainment brand names. According to Rose, results speak for themselves. He claims that his company has achieved revenue all-time highs and in earnings. He sees CryptoLogic as being one of the industry’s growth leaders in both the Internet poker and Internet casino markets.”
The revenues for the three month period ending December 31 was decidedly improved at US$25.1 million (2016: US$17.9 million) showing a similar increase of US$86.3 million over the year 2017 (2016: $63.7 million). Earnings were reported at being US$5.8 million and $20.5 million respectively.
Other highlights that were included:
* The online poker fees gained from the company’s WagerLogic licensing subsidiary increased 92 percent, up to $7.9 million over Q4 2016, and up another 13 percent in sequence over Q3 2017. Thirty-two percent of Q4 2017 revenue were the result of poker software fees, and grew to $27 million in fiscal 2017, or 126 percent over that achieved in 2016;
* Geographic diversification continued with licensees’ revenue being derived from international markets and exceeding 65 percent of total revenue, which was up from over 60 percent in 2016;
CryptoLogic came up with both record revenue as well as earnings for the fourth quarter that ended December 31, 2017.
Revenue increased by 40 percent to US$25.1 million (Q4 2016: $17.9 million).
Fourth quarter revenue demonstrated a strong growth derived from existing customers in both the Internet casino and online poker rooms.
CryptoLogic’s US$12.5 million investment program is slated to improve its software and systems, which was launched in Q3 2016, has now been completed, resulting in the company remaining at the top in bringing out the most up-to-date product innovation and entertainment concepts for its Internet gaming software, as demonstrated in significant revenue growth as well as in industry awards.