Stock Suffers After PacNet CFO Departs
The abrupt departure of PacificNet's (PACT) chief financial officer on Friday sent the company's shares tumbling nearly 10 percent, to close at $5.93. According to a filing with the U.S. Securities and Exchange Commission, the company why the former CFO, Joseph Levinson, left the company. Levinson, a former manager at the New York office of Deloitte and Touche, was widely regarded as one of the most sophisticated executives serving as CFO among publicly-listed companies in China. According to company press releases Levinson is fluent in Mandarin and his experience with publicly-traded Chinese companies dates back more than 10 years. PacificNet announced later on Friday the appointment of Daniel Lui as Levinson's replacement, but the announcement did little pacify the market. Heavy selling in PacificNet shares continued.
iGaming Corp Seeks Financial Advice
Interactive gaming marketing provider iGaming Corporation (TSX: IGA) has enlisted the advisory services of PanLiant Financial Group. Under the terms of the agreement, PanLiant will provide iGaming with financial communications and investor relations and introduce the company to industry professionals and communicate with such professionals and brokers and shareholders on the company's behalf. The agreement is on a month to month term, renewable at the discretion of iGaming, and entitles PanLiant $6,000 in cash per month. The agreement also entitles PanLiant to 83,333 stock options in iGaming each month for a maximum of six months, for a maximum stock option of 500,000 of iGaming shares.
Reporting
Internet gaming software developer CryptoLogic Inc. (TSX: CRY) on Thursday reported record annual financial results for the year ended December 31, 2006. The company grew both revenue and earnings by 21 percent to $104 million and $24.8 million, respectively. Earnings rose to $1.81 per fully diluted share, a 24 percent increase over 2005. CryptoLogic ended the year with $128.4 million in total cash. CryptoLogic's Q4 2006 results were in line with the company's estimates for the quarter with $19.0 million of revenue and $1.7 million in earnings, or $0.12 per share. In addition, the company announced on Wednesday that its board of directors has declared the company's quarterly dividend of $0.12 per common share. The dividend will be paid on March 15, 2007 to shareholders of record as of March 8, 2007. The ex-dividend date will be March 6, 2007.
Online casino and potential Ladbrokes takeover target 888 Holdings Plc (888.L) on Wednesday said fourth-quarter sales from countries outside the United States rose 12 percent to $40 million as revenue from Internet poker climbed 26 percent to $18 million. Total net gaming revenue declined 39 percent to $47 million after 888 was cut off from the United States--its main market--in October, the Gibraltar-based company said in a prepared statement. The company lost just over half its sales and cut 25 percent of its workforce after halting U.S. operations when laws were passed to shut down Internet gambling in the country. The company on Wednesday also said that it had "no further update" regarding Ladbrokes' takeover bid, first reported on Nov. 6, 2006. "My own sentiment is that I'd be surprised if it went on for more than a couple of months," said 888 CEO Gigi Levy.
Unibet Releases Full Year Results
European sports book and gaming operator Unibet Group plc (UNIB.ST) released on Wednesday its full year results for the period ending Dec. 31, 2006. The company said gross winnings revenue for the year amounted to £74.8million ($145.9 million). Adjusted profit from operations, excluding one-off reorganization costs, increased to for the full year £9.0 million ($17.5 million). Profit after tax for the full year 2006 increased to £37.9 million ($73.9 million).
Unibet Group Plc - Interim Results