Abt CRYP
Online casino software developer CryptoLogic Inc. said Wednesday that its first-quarter profit rose 27 percent on continued strong Internet poker revenue.
CryptoLogic shares rose $1.93, or 5.7 percent, to $35.73 in premarket activity.
The Toronto-based company said its quarterly income grew to $4.8 million, or 34 cents per share, from $3.8 million, or 28 cents per share, a year ago. Analysts surveyed by Thomson Financial expected earnings per share of 31 cents.
Revenue rose 33 percent to $20.3 million from $15.2 million, driven by Internet poker fees that more than tripled from a year ago and accounted for more than 25 percent of total revenue. Internet casino revenue at the company's WagerLogic unit rose 6 percent from the year-ago period.
With softer Internet activity expected for the summer, the company forecast second-quarter earnings of 29 cents to 30 cents on revenue of $4.2 million to $4.4 million. Analysts estimate earnings per share at 26 cents.
CryptoLogic shares rose $1.93, or 5.7 percent, to $35.73 in premarket activity.
The Toronto-based company said its quarterly income grew to $4.8 million, or 34 cents per share, from $3.8 million, or 28 cents per share, a year ago. Analysts surveyed by Thomson Financial expected earnings per share of 31 cents.
Revenue rose 33 percent to $20.3 million from $15.2 million, driven by Internet poker fees that more than tripled from a year ago and accounted for more than 25 percent of total revenue. Internet casino revenue at the company's WagerLogic unit rose 6 percent from the year-ago period.
With softer Internet activity expected for the summer, the company forecast second-quarter earnings of 29 cents to 30 cents on revenue of $4.2 million to $4.4 million. Analysts estimate earnings per share at 26 cents.
posted by Raghu at 3:44 PM
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