Cryptologic, the Irish based gambling operator and games producer, has
predicted that it will generate income of between $9 and $10 million this year.
These predictions came in a period update announcement by Cryptologic to
explain how it sees itself performing in the coming year.
The company recently took radical steps to cut down on costs and move back to
its core business of creating top quality online casino games that are much
sought after among sites and entertainment brands.
"Cryptologic has taken radical steps to focus on its core strengths as
a developer of exciting casino games," said the company's President and Chief
Executive Officer, Brian Hadfield. "We are on track to return to profitability
and generate cash from the second half of 2009. Our streamlined operations,
lower operating costs and commitment to creating compelling customer experience
together with a highly profitable build-once-sell-often model, provides a solid
springboard for long term growth and shareholder value."
Cryptologic revealed last year that it was seeking to reduce its annual costs
by up to $13 million and announced this week that these plans were on track.
The company is basing its predictions on the growing strength of its internet
games brand and the partnering with top gambling operators in the industry,
including Party Gaming and 888 Holdings.
Cryptologic recently outsourced its poker network through a deal signed with
GTech Corporation, which would further bring down its costs.
