CryptoLogic Ltd., the I-gaming software developer, revealed first-quarter group revenue of $19.3 million, down 5.3 percent against $20.4 million the previous quarter. Net income for the three months ending March 31 fell 85 percent to $609,000 from $4.3 million in the fourth quarter of 2007.
The company said the net-earnings decrease against the previous quarter was primarily due to $1.8 million in one-time costs related to senior management changes.
Currently, the company has 16 licensees and plans to add between two and four more in Europe and Asia by the end of this year, Chief Executive Brian Hadfield told Bloomberg Monday.
In a separate release, CryptoLogic said it has agreed to supply Maharajah Club, the Asia-facing online operator, with online casino and poker software. "It's particularly exciting to earn the confidence of a popular and well-established gaming brand in a very competitive environment," said Mr. Hadfield.
888 Holdings has partnered with Gaming Technology Solutions, the soft-gaming technology supplier, to develop a gaming integration solution allowing 888 to release games content more quickly across multiple territories and languages. Gigi Levy, chief executive of the London-listed operator, said the solution -- an expanded application interface -- is key "to opening the company's gaming platform to easy integration of games from other providers in diverse geographical markets."
On the London Stock Exchange Monday, CryptoLogic was down 125p, or 11.16 percent, to 995 and 888 up 3.50p, or 2.27 percent, to 157.75.