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added on 2010-11-23 04:15:39
Cryptologic, the Ireland-based software application service provider and one of the top five largest software provider companies, has announced its financial results for the third quarter ended September 30th, 2010. Cryptologic is a leading developer and supplier of internet gaming software, focused on integrity and innovation.
The financial results were not satisfactory, announcing another restructuring program. The company reported a third quarter loss of $3.7 million, or 28 cents per share, compared to a loss of $3.2 million or 25 cents per share for the same period last year.
From January to September, Cryptologic has continued to loose income. However, the company sees the signs of a recovery thanks to a restructuring plan, which would cut expenses, eliminating the operating costs in a drastic manner.
The company saw a decline of more than $19.5 million for the first nine months of the year, compared to the same period last year, when the company lost “only” $10.7 million.
According to David Gavagan, the new CEO of the company, after Brian Hadfield's resignation, Cryptologic has finally begun to see the signs of a recovery.
For the first nine months of 2010, Cryptologic has aggressively tried to reduce costs. David Gavagan started a restructuring plan that cut the staff population in half and he announced the company's total expenses had been cut by more than $9.9 million.
As for the future, the company plans to release a wide range of new games, buying additional licenses and hoping in a total recovery.
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