Crypto Bumps Dividend Payment Up Two Weeks
CryptoLogic said it will pay its $0.12 quarterly dividend on May 30, two weeks earlier than announced, due to a proposed reorganization, which might see a change in holding company. The company added that the dividend-payment date was changed to allow for payment of the dividend under the NASDAQ-listed CryptoLogic Inc., the existent holding company. Shareholders will vote on the establishment of a new, Europe-based holding company at a special general meeting on May 24, it said.
888's Anderson Takes Home $6 million
The Times reported that 888 paid its former chief executive, John Anderson, more than $3 million for loss of office, taking his total pay package last year to almost $6 million.
Gaming VC Passes all Resolutions at AGM
Gaming VC, the U.K.-based, Germany-facing operator, announced Monday that all resolutions put to shareholders at the company's AGM were passed.
bwin Releases Q1 Results, Earnings Up
bwin released first quarter results, which show core earnings up 57 percent. EBITDA for the quarter totaled $31.4 million, as the company cut marketing expenses by 40 percent. bwin said the marketing cuts would continue over the course of the year; as a result, it expects decreases in active and new customers to continue. "The decline in new active customers and less effective churn management by comparison were attributable mainly to a drastic reduction in the marketing budget," the company said. It did not comment on its March takeover talks with Sportingbet.
Click here to view first quarter results from bwin.
Betfair, Betdaq Deny M&A Rumors
The Irish Independent carried a report on Betfair-Betdaq market chatter, specifically, Betfair's alleged interest in acquiring Betdaq. Betfair communications manager Eoin Ryan "categorically denied" that the company was positioning itself for the move, though industry sources cited by the Independent claimed exploratory talks have taken place. Betdaq neither confirmed nor denied any dealings with Betfair.
Cometa Scores £1 million Investment
Cometa Wireless Gaming Systems, the Sheffield-based mobile phone and gaming company, in its first round of investment received £1 million ($1.98 million). In a prepared statement, Cometa named Mfusion as the principal investor. Other investors included a consortium led by Tony Marchington, founder and former CEO of Oxford Molecular Group.
ISWI Releases Q2 Results, Revenues Up
Interactive Systems Worldwide, Inc. (ISWI) released second quarter results, which show revenues up 102 percent to $69,000 from $34,000 in Q2 2006. ISWI said the revenue jump came primarily as a result of its agreement with Hipodromo de Agua Caliente S.A., the Latin American gaming company. The company said it continues to negotiate with Shantech regarding a cash infusion of $500,000 and a strategic marketing agreement. "We continue to work diligently to address the company's liquidity issues and improve its operating performance," said ISWI chief executive Bernard Albanese. The company also said it was unable to, "in a timely manner," conclude an equity financing transaction, which would have enabled it to regain compliance with NASDAQ requirements. ISWI said it expects its shares to be de-listed "in the very near future."
Click here to view second quarter results from ISWI.
Shares in Paddy Power White Hot
The Independent carried a report on Paddy Power, whose shares Wednesday sat at an all-time high. The paper recommends that investors hold back from cashing in, as its deals with Turf TV and SIS have given it "a huge marketing advantage." Bettors looking to watch races during Ascot week will "have no choice but to head for Paddy Power," the paper said.
888 Founder Establishes Investment Company
Aharon Shaked, controlling shareholder in 888, has set up a new investment company, Shaked Holdings Ltd.. Globes Online reports that the company will invest in ventures and companies in Israel and elsewhere, with initial investment focused in biotechnology companies and quarries. Shaked is one of four co-founders of 888.
Bill Hill Confident with Yearly Forecast
William Hill, the London-listed bookmaker, said it was confident with analysts' forecasts for the year, and that it had fully absorbed the impact of the Amusement Machine License Duty--one of seven duty regimes for gambling--imposed by the U.K. government in 2006. "At this early point in the year, the board remains comfortable with consensus estimates from the full year out-turn," the company said. It added that group gross win had risen 5.8 percent in the 19-week period ending May 8, compared to the corresponding period in 2006, although comparatives would be more challenging in the coming weeks.
Parlay Releases Q1 Results, Revenues Drop 2 Percent
Parlay Entertainment, the I-gaming software provider, released first quarter results, which show a 2 percent drop in revenue to $1.97 million compared to Q1 2006. Parlay said the results reflect the impact of the U.S. legislation on certain of its licensees during the quarter. "Revenue in Q1 2007, and in particular royalty revenue, may prove to be our low-water mark for 2007 as we have witnessed stabilization in revenue generated from customers who are non-U.K. and non-European facing," said Parlay chief executive Scott White. White said that, despite the drop in revenue, Q1 2007 represents the company's ninth consecutive quarter of profitable operations.
Click here to view first quarter results from Parlay.
ISWI De-Lists
Interactive Systems Worldwide, Inc. said that, pursuant to its May 15 request to withdraw its appeal to the NASDAQ Listing Qualifications Panel, the company received notification today from the NASDAQ Listing Qualifications Hearings Department that its securities will be de-listed from NASDAQ effective May 18.
Party Shares a Mystery, Hit Two-Month Low
The Times carried a brief on PartyGaming, whose shares Wednesday sank to a two-month low. The paper said dealers connected the 4.5p-loss to a recent note from Arbuthnot Securities, which set a target of 15p for the London-listed operator.
Pipex Attracts Interest of Tiscali
The Times also carried a brief on Pipex, the broadband services group owned by 365 Media executive chairman Peter Dubens. In March, the Independent reported that Dubens had put Pipex on the selling block. Pipex shares gained 1.25p to 13.5 Wednesday on news that Italy's Tiscali was looking to expand in the United Kingdom and was reviewing a dossier on Pipex.
Ladbrokes Releases Trading Update, Profit Down 10 PercentLadbrokes has released a trading update for the four months to the end of April, which, despite a 10 percent lag in profit, suggests results will be "broadly in line with expectations." The company attributed the decline in part to a 47 percent plunge in telephone betting, the gross win of which was compromised by a significant reduction in high-roller activity. I-gaming gross win, however, increased by 11 percent due to solid sports-book and casino growth, though was partially offset by a decline in I-poker--a service still feeling for a solid foothold in a difficult, competitive environment, it said. The company said it continues to focus on international development opportunities in Asia and Europe.