CryptoLogic reports strong growth in Q4 2005

Internet poker software developer CryptoLogic Inc. this week announced solid financial results for the fourth quarter (Q4) 2005 ended December 31, 2005, including an overall revenue increase of 40%, a 54% rise in earnings, and a 92% rise in poker fees. CryptoLogic provides software and licenses (through its WaterLogic licensing subsidiary) to SunPoker.com, among other poker rooms.

Lewis Rose, president and CEO of CryptoLogic, called 2005 "a milestone year of delivering the world's most innovative games to some of the world's most trusted gaming and entertainment brands." He continued, "The results speak for themselves - we achieved all-time highs in revenue and earnings. CryptoLogic is among the industry growth leaders in both the Internet casino and Internet poker markets."

Revenue for the three months ended December 31, 2005, was $25.1 million, up from $17.9 million in Q4 2004. Overall annual earnings for 2005 increased by more than $20 million from 2004, with CryptoLogic posting a figure of $86.3 million as compared to 2004's $63.7 million. Q4 2005 earnings rose 54% to $5.8 million.

Internet poker fees derived from WaterLogic accounted for 32% of Q4 2005 revenue, and grew 126% to $27 million in fiscal 2005 over that achieved in 2004.

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