Cryptologic Records Profit

This seems to be the season of good results with many online casinos declaring their half-yearly results and showing good earnings as well an improved customer base. Online casino software provider, Cryptologic recently declared their results and announced that they’re finally making a profit.

The software provider has been going through a difficult time in the past few years and they’re coming out of the red, going by the half-yearly results of 2011. The company resorted to some drastic measures to ensure that finished the half-year in profit but they have not revealed what those measures.

As per unconfirmed reports, the company seems to have reduced their operating costs by 50% and thus ended with 4% profit in the second quarter of 2011. The company had earlier announced that they had ended the first quarter of 2011 with a profit.

Cryptologic which had been undergoing financial difficulties during the last couple of years seem to have resorted to drastic measures to get over their loss-making habit. In 2010 CEO Brian Hadfield is said to have resigned due to eight-figure net losses suffered by the company. After that, the Irish-Canadian company resorted to extensive cost-cutting by reducing their work force by 50%.

It is believed that these measures resulted in the company incurring reduced losses in 2010 as compared to 2009. The software company had been in such a bad state that they had made an official request to auditing firm Deloitte to conduct an extensive review and determine whether the company or a part of the company should be sold off.

It seems that the feedback from Deloitte and Cryptologic’s measures has succeeded in salvaging the situation and prompting a great turnaround. Cryptologic is one of the best software providers in the online gaming market offering products like online casino, poker and bingo. With these improved quarterly performances, the company is sure to earn better profits and make a complete turnaround.