Cryptologic Online gambling software provider publishes growth ... - RecentPoker.com

[I Heart Gambling Online]

DUBLIN, Ireland — Internet gambling software provider CryptoLogic Ltd. (TSX:CRY) said Thursday that it expects to bounce back from a disappointing 2008 with net profits of between US$9 million and $10 million next year. The forecasted earnings amount to between 65 and 71 cents a share.

The company, which is based in Dublin, Ireland but still maintains operations in Canada and is traded on the Toronto Stock Exchange, said it expects to return to profitability in the second quarter of 2009.

CryptoLogic, which reports in U.S. dollars, said its previously announced restructuring plan will help the company reduce its total operating costs to $13 million for the year. Money-saving measures include the outsourcing of its poker network and a 75 per cent reduction in office and rental costs.

More...