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CryptoLogic expects $3.6M quarterly forex loss; revenue 'in line with trends?
DUBLIN, Ireland — Internet gambling software provider CryptoLogic Ltd. (TSX:CRY) says its revenue "has been in line with seasonal trends and current market expectations" and it expects an operating loss of $1 million to $1.5 million in the current, quarter, a modest improvement from the second quarter.
But it also expects to book a $3.6-million foreign exchange loss "due to the rapid and unexpected appreciation of the U.S. dollar against U.K. sterling and the euro in recent weeks and a delay in converting the funds into U.S. dollars."
CryptoLogic, which has moved its head office to Dublin but retains a substantial presence in Canada, added Monday that it now has moved most of its cash and marketable securities into U.S. dollars, its reporting currency, to minimize the impact of further currency market volatility.
"While it is disappointing that financial market volatility will affect our third-quarter results, CryptoLogic has made good progress operationally with the launch of new products, improvements to our technology platform and seven new customer wins so far this year," stated CEO Brian Hadfield.
"With three new customer sites up and running in the third quarter, and two more slated to go live in the fourth, CryptoLogic continues to see a brighter outlook for 2009."
The company plans to release its third-quarter results in the second week of November. |
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发表于 2008-9-23 07:31
