CEO of Cryptologic Steps down
In Internet gaming news, Brian Hadfield, Chief Executive Officer of online poker tech provider Cryptologic, has decided to leave the Company and resigned as a Director. David Gavagan, the Chairman, assumed the role of CEO on an interim basis. Financial results for the company were disappointing this quarter as slow progress was made amid continued challenging trading conditions to turn round the its performance. Overall revenues declined to $6.7 million from $7.6 million. The company amortized the cost of certain prepaid royalties on a straight line basis, reducing overall revenues by $0.6m in the quarter. In addition, some licensees experienced a decline in contribution from higher margin slot and online poker games and some negative impact from the World Cup. Excluding the impact of the change in accounting estimate for prepaid royalties, revenues from both the hosted casino and branded games licensing business like Everest Poker were up sequentially. The company incurred $7.3 million non recurring costs, comprising a non-cash impairment of intangible assets of $3.6 million, impairment of capital assets of $2.1 million and reorganization costs, including an additional provision of $1.7 million in respect of a further restructuring to reduce its cost base. Financial results for the company were disappointing this quarter
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