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UPDATE 1-CryptoLogic Q4 loss narrows
March 2, 2010 / 12:15 PM / in 8 years

UPDATE 1-CryptoLogic Q4 loss narrows

* Q4 loss $1.97/shr vs loss $2.05/shr year-ago

* Q4 rev down 13 pct to $9.9 mln

* Says implementing measures to manage overheads

* Sees improved revenue in 2010 from hosted casino

March 2 (Reuters) - Internet casino and branded gaming software company CryptoLogic Ltd CRY.TO on Tuesday reported a narrower quarterly loss, helped by lower expenses.

For the fourth quarter, the company reported a loss of $24.8 million, or $1.97 a share, compared with a loss of $26.0 million, or $2.05 a share, a year ago.

Revenue at the Dublin, Ireland-based company fell about 13 percent to $9.9 million, on lower contributions from Internet radio and Internet poker businesses.

CryptoLogic said it expects costs would reduce further in 2010, as it was implementing additional measures to manage overheads. On Tuesday, it said it would integrate its Cyprus office with its existing operations in Malta.

In 2010, it sees improved revenue from hosted casino as new licensees go live and existing licensees benefit from investment in major rebranding.

CryptoLogic shares, which have gained about 6 percent in the last three months, closed at C$3.45 Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Aradhana Aravindan)

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