Stepping Down -- Boss Media has announced Johan Berg, president and CEO, will step down. "Johan has done a fantastic job as the president and CEO of Boss Media during a time where the market has been difficult and turbulent," said Meg Tivéus, board chairman. "The board is very sorry that Johan's personal situation made it difficult to continue." Biz development head Markus Holm has been appointed as acting president and CEO.
Upgrading -- Everest Poker today announced that its multi-lingual poker software had recently received a major upgrade. "We've listened to our players and made it a breeze to find a poker game that suits their ability and bankroll," said Everest property manager Jonathan May.
Multiple Deals -- Sweden-based Net Entertainment has agreed to supply BetUnited, Tower Gaming and Wauw Gaming with its CasinoModule software solution. "The continuing success in closing new agreements shows the strength in what we can offer and a result of our new generation of games delivered during 2006," said CEO Johan Öhman.
Strong Earnings -- Boss Media reported strong earnings on the release of its interim report. Highlights included an 8 percent increase in sales to $11.9 million from $11.07 million during the previous period. The company said operating profits grew 39 percent from $1.62 million to $2.25 million. Net profit evinced significant growth (117 percent), totaling $2.38 million compared to $1.09 million in 2006.
Long-Term Growth -- CryptoLogic posted a fall in first-quarter pretax profit with earnings impacted by a $4 million change in its estimated future casino jackpot payouts. Pretax profit totaled $4.1 million compared to $17.6 million in Q1 2006. Revenue was also down 27.5 percent to $19.6 million. Crypto said, however, that it is poised for long-term growth, both in Europe and Asia, with its largest customers on long-term agreements. It added it expects to launch three more customer sites in Q2 2007 and to benefit from modest revenue from its new venture in China. On Wednesday, the company declared its quarterly dividend, $0.12 per common share.
Lowest of Lows -- Shares in 24hPoker, the Sweden-based operator, hit their lowest point today in 52 weeks following the release of its first quarter results. The company reported a 16 percent drop in turnover to $7.86 million, with net profit plunging 98 percent to $14,646 from $1.34 million in Q1 2006. The company said that costs associated with its effort to become re-listed on the ordinary Stockholm Stock Exchange had adversely affected its results.
Likely Leveraging -- The Financial Times reports on Wednesday's Apax-Ladbrokes rumors. Traders told the paper that a leveraged buyout was more likely, given the recent dissolution of talks between Ladbrokes and 888. They added that Ladbrokes would be a good way to play the deregulation of the gambling market in Europe. In 2006, Apax teamed up with Permira to acquire Sisal, the Italian betting and lottery company.
Stock Watch -- In late-afternoon trading, CryptoLogic is down 152.50p to 1,325, Playtech--which, today, released encouraging Q1 results--is up 2.50p to 376 and 888 is down 3.25p to 125.