Market Briefs - Sep 8 - Sep 12, 2003
Several dozen publicly held interactive gaming companies are reporting, acquiring, floating, spinning off, merging, de-listing, rising and falling in stock markets all over the world. Every Monday IGN wraps the financial happenings of the Net betting biz from the previous week into a nifty little package just for you.
Steinberg Speaks At Stanley Leisure's AGM
Leonard Steinberg, Chairman of Stanley Leisure plc (SLY.L), delivered a trading update at the company's Annual General Meeting, saying that the Betting Division has continued to perform well as turnover and international business continue to grow.
He also noted, however, that a poor win margin at Crockfords could lower the Group's overall half-year performance, which was at £24.7million before tax last year.
Wembley's Status
Wembley (WMY.L) shares dropped 25 percent last week after two of its executives were indicted on bribery charges. Times Online speculates that the scandal might endanger the company's plans to expand in the U.S. It also reports rumors that Wembley's fund manager Active Value, which holds a 22.3 percent stake, may place a bid.
Aspinall Wants To Go Private
According to the Financial Times UK, Damian Aspinall has said that he wants to take the Aim-traded online betting company Apinalls Online (ASP.L) private for about £500,000. Aspinall is offering .17p per share, which is a premium of 13 percent. Shares have fallen from a 15p offer price in December 2001 to their current level of .15p. As of June 30 Aspinalls had net cash of £686,000 and debtors of £104,000.
Betandwin.com Acquires Playit.com
Effective September 12, 2003 betandwin.com (936172.BE) has acquired all shares of playit.com, a UK licensed online sports betting company focused on the Scandinavian market, for EUR 1.7 million in cash and 225,000 shares of betandwin's common stock. Betandwin has already completed plans to integrate playit and has appointed Simon Bold, Managing Director of BAW International Ltd., to manage it.
CryptoLogic Makes Moves
On September 11, CryptoLogic, Inc. (CRYP) announced that its Board of Director's has adopted a quarterly dividend policy because it has a strong financial position and has consistently experienced positive financial results. The Board has approved the first dividend of $0.03 per common share, payable on November 24, 2003 to shareholders as at November 17, 2003. It will commence regular quarterly dividends with the release of the company's fourth quarter results, and each future quarterly dividend will be subject to Board approval based on the company's financial results.
And on September 15, CryptoLogic announced that its common shares had been approved for trading on the London Stock Exchange's Main Market under the symbol CRP. During midday trading on Monday on the Toronto Stock Exchange, Crypto's stock rose two percent and was trading at $14.75, up 33 cents from Friday's closing price.
CryptoLogic, Inc. - Company Background and Strategy
Reports Released
GTECH Corp's (GTK) second quarter results show that revenues totaled $277.2 million, up 25.5 percent from last year's $221.0 million over the same period last year. Net income was $48.5 million, which is 26 percent higher than last year's $38.2 million.
GTECH Corp. - Second Quarter Report
The second quarter results for World Gaming plc (WGMGY) show that compared to the same period last year, royalty is up 26 percent and operating expenses are down 45 percent. Net loss for the quarter was $236,000 while last year's mark was $2,942,000 and profit for the year to date is $205,000 while last year's mark was $3,847,000.
The company has made a write-back of $300,000 worth of previously accrued costs as a result of settling several significant legal disputes this quarter.
World Gaming plc - Second Quarter Report