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UPDATE 1-CryptoLogic posts surprise Q2 loss

Fri Aug 8, 2008 9:03am EDT

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(Recasts, adds details)

Aug 8 (Reuters) - Online gaming software firm CryptoLogic Ltd (CRYP.O) (CRY.TO) posted a surprise quarterly loss, hurt by higher expenses, and said it expects revenue growth in the second half of the year as new licensees come on stream.

Net loss for the second quarter was $1.5 million, or 10 cents a share, compared with a net loss of $2.6 million, or 19 cents a share, a year earlier.

Revenue rose 3 percent to $16.8 million.

Analysts on average were expecting the company to earn 5 cents a share, before special items, on revenue of $16.9 million, according to Reuters Estimates.

Operating expenses rose 16 percent, while general and administrative expenses doubled.

The company, which competes with GigaMedia Ltd (GIGM.O), said it expects its new licensee arrangements with gaming sites 888.com, O0Poker.com, Maharajah Club and Khel Galli.com to generate revenue.

Shares of the company closed at $10.59 Thursday on Nasdaq. (Reporting by Aftab Ahmed in Bangalore; Editing by Vinu Pilakkott)



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