Cryptologic Reports Higher 4Q Profit

CryptoLogic Ltd. said Tuesday its fourth-quarter profit more than doubled on sales of new casino games. The Toronto-based company earned $4.3 million or 36 cents per share compared with $1.7 million or 12 cents per share in the 2006 fourth-quarter.

Sales rose 7 percent to $20.4 million from $19 million in 2006. Online casino revenue rose to $14 million from $10 million while online poker revenue fell to $4.6 million from $6.7 million. Analysts polled by Thomson Financial expected profit of 21 cents on sales of $18.6 million.

The company said casino growth was partly due to its newest lineup of casino games launched in October and to the launch of its Spider-Man and Fantastic Four online slot games in December. Operating expenses fell to $12.7 million from $14.2 million in 2006.

For the 2007 fiscal year, profit plunged 77 percent on the U.S. prohibition on Internet gaming that began in October 2006.

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