TORONTO -- CryptoLogic Inc.'s move to capitalize on the demand for online poker has "paid off in spades," the Internet casino and poker software firm said yesterday as it posted a 25 per cent gain in quarterly profits, increased revenues by a third and saw its stock rise more than 10 per cent. "Cryptologic saw the large, untapped market opportunity of online poker and we leveraged our reputation for innovation and strong brand-name licensees to establish a very significant position in online poker," said Lewis Rose, CryptoLogic's president and chief executive.
"This approach has paid off in spades."
The Toronto-based online gambling company, which reports its results in U.S. dollars, said it made $3.8 million, or 27 cents a share, in the three-month period ended Dec. 31. CryptoLogic made $3 million, or 23 cents a share, in the same 2003 period.
After the announcement, shares in Cryptologic rose $3.16, or 10.2 per cent, to $34.26 on the Toronto Stock Exchange.
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