Global developer of Internet casino and branded gaming software CryptoLogic has recently announced the financial results for the second quarter (Q2) which ended on the 30th of June. It was not a good quarter for CryptoLogic. The company announced revenues of $6.7 million for Q2, which is considerably less than the revenues for Q1, which were of $7.6 million.
“At June 30, 2010, the Company ended the quarter with $17.4 million of net cash, which consists of cash and cash equivalents and security deposits, or $1.26 of net cash per diluted share (March 31, 2010: $19.7 million or $1.42 per diluted share). The decrease in net cash during Q2 2010 of approximately $2.3 million is due to the cash impact of operating losses of $3.1 million and purchase of capital assets of $0.4 million, and a decrease in trade accounts payable of $1.2 million, partially offsetting this is a decrease in accounts receivable of $2.0 million, decrease in prepaid expenses $0.2 million and a $0.2 million increase in income taxes payable. The Company continues to be debt free,” explained CryptoLogic in press release.
CryptoLogic announced that in order to cut costs, it is working on a restructuring plan. As part of this restructuring plan, the total work force of CryptoLogic will be reduced by the end of Q4. Speaking of which, it must be said that CryptoLogic CEO (Chief Executive Officer) Brian Hadfield has decided to resign from the position he occupied within the organization. Hadfield decided to leave the company after working on the aforementioned restructuring plan.
The new intermarry CEO of CryptoLogic is Chairman David Gavagan. The new Chief Financial Officer (CFO) of CryptoLogic is Huw Spiers who will start work on the 15th of August.
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