TIDMCRP
RNS Number : 3622X
Cryptologic Limited
13 August 2009
FOR IMMEDIATE RELEASE
Symbol: TSX: CRY & CXY; NASDAQ: CRYP; LSE: CRP
CryptoLogic shows growth in core businesses in Q2
Casino revenue up 21%, branded game revenue up 70% over Q1 as new strategy
yields results
August 13, 2009 (Dublin, IRELAND) - CryptoLogic, a global developer of branded
online betting games and Internet casino software, today announced its financial
results for the second quarter ending June 30, 2009. The company's new business
strategy delivered reduced operating costs, a solid quarter-on-quarter
improvement in its Internet casino hosting business, and growing revenue from
branded games launched by major Internet gaming operators. The company was
profitable in June, and targets profitability for the third quarter.
Financial highlights:
* Revenue of $10.1 million, unchanged from Q1 2009 (Q2 2008: $16.8 million) as
higher casino and branded games sales offset the previously reported loss of
William Hill poker
* Profitable in June
* Casino revenue up 21% sequentially to $7.7 million (Q1 2009: $6.4 million)
* Branded games revenue increased sequentially by 70% to $0.5 million (Q1 2009:
$0.3 million)
* Operating expenses fell to $9.9 million, down 25% year-on-year (Q2 2008: $13.2
million)
* Net loss of $6.2 million, reflecting a non-cash impairment provision of $4.0
million, booked against long-term Asian investments (Q2 2008 net loss: $1.5
million)
* Diluted loss per share of $0.46 (Q2 2008 diluted loss per share: $0.10)
* Net cash at June 30, 2009: $33.8 million (March 31, 2009: $38.7 million)
* Dividend of $0.03 per share for the quarter, unchanged from Q1 2009
Operating and governance highlights:
* 13 branded games on the market in Q2, up from three in Q1
* Signed multi-year agreements to provide top-performing branded slot games to
some of the world's top gaming sites, including SportingBet.com, Betfair,
Ireland's PaddyPower and UK's Victor Chandler Group and, in July, Totesport,
Britain's state-owned and fourth-largest bookmaker
* Launched Internet casino for The Gaming Network
* Extended relationship with Marvel Entertainment to develop superhero-themed
games until 2013
* Expanded relationship with 888.com to include five more games for launch in 2009
* New game releases included a video slot version of Jenga, one of the world's
most popular board games, developed in record time at the new CryptoLogic Centre
for Innovation
* Appointed David Gavagan as Chairman and James Wallace as Senior Independent
Director
Outlook:
ยท CryptoLogic expects to be both profitable and cash generative in Q3, as it
gains traction from the rollout of
branded games by new customers with
more than 40 scheduled by the end of the quarter and more than 110 in
total
by the end of the year
"The second quarter of 2009 marked a turning point for CryptoLogic, with
significant growth in our two core businesses," said Brian Hadfield,
CryptoLogic's President and CEO. "With a larger customer base and an aggressive
rollout schedule for our new games, CryptoLogic now has the people, the products
and the partners to deliver improved performance for our shareholders -- in 2009
and beyond."
Overview
In the second quarter of 2009, CryptoLogic continued its steady progress in
executing its strategy to focus on developing and hosting Internet casinos and
licensing its branded gaming software to top e-gaming sites.
The company now has 24 licensees - the largest number in its history - including
the "big four" international gaming operators: PartyGaming, SportingBet.com,
888.com and Betfair. CryptoLogic has built innovative partnerships to bring some
of the world's most famous entertainment brands to these and other top Internet
casinos.
While the rollout of CryptoLogic games by licensees has been slower than
anticipated at the beginning of the year, the company exited the quarter with 13
new branded games on the market, up from three in the first quarter. With more
than 40 games scheduled to be live by the end of the third quarter, and over
110 in total by the end of the year, CryptoLogic has laid solid foundations for
a return to growth and profitability.
CryptoLogic saw a significant rise in revenue from its core businesses in the
second quarter. The company increased revenue from its hosted casino business by
21%, and there was a 70% increase in revenue from branded games compared with
the first quarter of 2009. These gains helped to offset the loss of more than $1
million in revenue from William Hill Poker, which, as announced last year, has
ceased to be a customer.
However, the underlying improvement in the core business, together with a
comprehensive cost reduction program, gives rise to a promising outlook for the
remainder of the year.
Casino games: Extraordinary e-gaming innovation
In the quarter, CryptoLogic was active in launching some of the Internet's most
innovative games of today, and in planning new games and gaming concepts for the
future.
The company extended its groundbreaking relationship with Marvel Entertainment
to develop superhero-themed games until 2013, building on the success of games
based on Spider-Man, Fantastic Four, the Hulk, Sub-Mariner, Daredevil and many
other legendary heroes.
CryptoLogic released several new games in the quarter, including Atlantic City 4
Deck Blackjack, Buccaneers Bounty and a groundbreaking video slot version of
Jenga, one of the world's most popular board games. Jenga was developed in
record time at the new CryptoLogic Centre for Innovation.
The company's most popular games in the quarter included Millionaires Club III,
Hulk Ultimate Revenge, Spider-Man Revelations, Cubis and King Kong. From recent
releases, player favourites included Samba Nights, the company's first 50-line
game, along with Call of Duty 4: Modern Warfare and Jenga.
New customers, partners drive revenue growth
CryptoLogic continued to expand its customer base in the quarter, signing
multi-year licensing deals to provide many of its top-performing branded slot
games to leading e-gaming sites. New signings included global leaders
SportingBet.com and Betfair, Ireland's PaddyPower and the UK's Victor Chandler
Group. In July, Totesport, Britain's state-owned and fourth-largest bookmaker,
became CryptoLogic's newest licensee.
In the second quarter, CryptoLogic also expanded its relationship with 888.com,
which has contracted to launch five more games later in 2009, and launched an
Internet casino for The Gaming Network.
Improved marketing support is important to the company's success in growing
revenue at a volatile time for discretionary consumer spending. While the
company has reduced its employee complement substantially since 2008, strategic
moves were made in the quarter to add talent to manage portals, player
acquisitions and search engine optimization.
Poker integration completed
CryptoLogic has completed the strategic integration of its Internet poker
network with that of GTECH Corporation, eliminating the cost of operating a
standalone poker platform, significantly improving poker room liquidity for
players, and paving the way for a profitable poker business.
Financial performance
Total revenue: CryptoLogic's revenue was essentially unchanged from Q1 2009 at
$10.1 million, with steadily rising casino and branded game revenue offsetting
the revenue loss from William Hill poker. This included casino revenue of $7.7
million, up from $6.4 million in the first quarter, while poker revenue declined
to $0.5 million compared with $1.96 million in the previous quarter, due
principally to the loss of William Hill poker, which, as announced last year,
ceased to be a CryptoLogic customer. Revenue from branded games exceeded poker
revenue for the first time - a sign of this increasingly important segment to
CryptoLogic's business.
Earnings and Earnings per Diluted Share: The company recorded an operating loss
of $2.2 million, or $0.17 per share (based on a weighted average of 13,819,351
outstanding shares), for the quarter. The company has also reviewed the carrying
value of its long-term Asian investments, and determined that a provision of
$4.0 million is required for certain of these investments. As a result, the
company recorded a net loss of $6.2 million, or $0.46 per share, for the
quarter.
Operating expenses were up $1.7 million from Q1, of which $625,000 can be
attributed to adverse currency movements. Other factors included higher
development costs, increased marketing costs and new resources for portals,
player acquisition and search engine optimization. General and administrative
expenses were down $0.9 million due to lower legal costs and a general focus on
cost reductions.
Balance Sheet and Cash Flow: CryptoLogic ended the quarter with $33.8 million in
net cash (comprising cash and cash equivalents, restricted cash and security
deposits), or $2.45 per diluted share (March 31, 2009: $38.7 million, or $2.80
per diluted share). The decrease in net cash was due largely to the operating
loss and advanced royalty commitments. The company continues to be
debt-free. CryptoLogic's working capital at June 30, 2009 was $37.4 million or
$2.70 per diluted share (March 31, 2009: $39.8 million or $2.88 per diluted
share).
Dividend: On August 11th, CryptoLogic declared a dividend of $0.03 per share for
the quarter, unchanged from the first quarter of 2009. The dividend will be paid
on September 15, 2009 to shareholders of record of CryptoLogic Limited and
CryptoLogic Exchange Corporation as at September 1, 2009.
Outlook
Despite challenging market conditions, management remains confident that
CryptoLogic's new business strategy and restructuring program will deliver
strong financial performance for shareholders over the long term.
Management continues to target a return to profitability and cash generation in
the third quarter, with plans to have more than 40 games generating revenue on
customer sites by September 30, 2009.
The company continues to expect a net profit, before non-cash impairment
provisions, for the full year, and to return to positive cash flow for the
second half of 2009. In light of current market conditions, consumer sentiment
and slower than expected rollout of branded games by its customers, CryptoLogic
is lowering its targets and anticipates results more in line with analysts'
expectations for the year.
Investor/analyst conference call
CryptoLogic will hold a conference call today at 9:30 a.m. Eastern time (2:30
p.m. BST) to update investors on the company's earnings in Q2 2009. The details
of the call are as follows:
+----------------------------------+--------------------------------+
| Toll Free North America: | 1-800-766-6630 |
+----------------------------------+--------------------------------+
| Toll Free UK: | 00 800-4222-8835 |
+----------------------------------+--------------------------------+
| Toll Free International | (Country Code) 800-4222-8835 |
| Toronto Dial-In Number: | 416-340-8410 |
+----------------------------------+--------------------------------+
To participate, please call five to ten minutes prior to the start of the
teleconference. This conference call will be recorded and available for replay
approximately one hour after the completion of the call, up until midnight on
August 20, 2009. To listen to the replay, please dial 416-695-5800 or
1-800-408-3053, passcode 1154853#. A transcript of the call will also be made
available on CryptoLogic's website at www.cryptologic.com under Investor
Information.
About CryptoLogic (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading public
developer and supplier of Internet gaming software. Its leadership in regulatory
compliance makes it one of the very few companies with gaming software that is
certified to strict standards similar to land-based gaming. WagerLogic Limited,
a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of
its gaming software and services to blue-chip customers who offer their games to
non-U.S. players around the world. For information on WagerLogic, please visit
www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the
NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock
Exchange (CRP).
###
For more information, please contact:
+-------------------------------------+-------------------------------------------+
| CryptoLogic, 353 (0) 1 234 0415 | Argyle Communications, (416) 968-7311 |
| | (North American and gaming industry |
| | media) |
+-------------------------------------+-------------------------------------------+
| Stephen Taylor, Chief Financial | Jason Graham, ext 229 |
| Officer | jgraham@argylecommunications.com |
+-------------------------------------+-------------------------------------------+
| | Daniel Tisch, ext 223 |
| | dtisch@argylecommunications.com |
+-------------------------------------+-------------------------------------------+
| | Corfin Communications |
| | (UK media only) |
+-------------------------------------+-------------------------------------------+
| | Neil Thapar, +44 207 977 0020 |
+-------------------------------------+-------------------------------------------+
| | Harry Chathli or Alexis Gore, +44 207 977 |
| | 0020 |
+-------------------------------------+-------------------------------------------+
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this news release which are not historical are forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without limitation, risks
associated with the company's financial condition and prospects, legal risks
associated with Internet gaming and risks of governmental legislation and
regulation, risks associated with market acceptance and technological changes,
risks associated with dependence on licensees and key licensees, risks relating
to international operations, risks associated with competition and other risks
detailed in the Company's filings with securities regulatory authorities. These
risks may cause results to differ materially from those projected in the
forward-looking statements.
CRYPTOLOGIC LIMITED
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
+--+-------------------------------------+--+-------------+--+---------------+
| | | | As at | | As at |
+--+-------------------------------------+--+-------------+--+---------------+
| | | | June 30, | | December 31, |
| | | | | | |
+--+-------------------------------------+--+-------------+--+---------------+
| | | | 2009 | | 2008 |
+--+-------------------------------------+--+-------------+--+---------------+
| | |(unaudited) | | (audited) |
+----------------------------------------+--+-------------+--+---------------+
| | | | | |
+----------------------------------------+--+-------------+--+---------------+
| ASSETS | | | | |
+----------------------------------------+--+-------------+--+---------------+
| Current assets: | | | | |
+----------------------------------------+--+-------------+--+---------------+
| Cash and cash equivalents | | $ 28,593 | | $ 36,348 |
+----------------------------------------+--+-------------+--+---------------+
| Restricted cash | | 5,000 | | 7,175 |
+----------------------------------------+--+-------------+--+---------------+
| Security deposits | | 250 | | 250 |
+----------------------------------------+--+-------------+--+---------------+
| Accounts receivable and other | | 7,330 | | 6,002 |
+----------------------------------------+--+-------------+--+---------------+
| Prepaid expenses | | 8,637 | | 6,564 |
+----------------------------------------+--+-------------+--+---------------+
| Income taxes receivable | | 1,585 | | 653 |
+----------------------------------------+--+-------------+--+---------------+
| | | | 51,395 | | 56,992 |
+--+-------------------------------------+--+-------------+--+---------------+
| | | | | | |
+--+-------------------------------------+--+-------------+--+---------------+
| User funds held on deposit | | 5,404 | | 10,833 |
+----------------------------------------+--+-------------+--+---------------+
| Future income taxes | | 3,469 | | 1,930 |
+----------------------------------------+--+-------------+--+---------------+
| Capital assets | | 16,825 | | 18,703 |
+----------------------------------------+--+-------------+--+---------------+
| Long-term investments | | 2,337 | | 5,821 |
+----------------------------------------+--+-------------+--+---------------+
| Intangible assets | | 4,663 | | 4,982 |
+----------------------------------------+--+-------------+--+---------------+
| Goodwill | | 6,545 | | 6,545 |
+----------------------------------------+--+-------------+--+---------------+
| | | | $ 90,638 | | $ 105,806 |
+--+-------------------------------------+--+-------------+--+---------------+
| | | | | | |
+--+-------------------------------------+--+-------------+--+---------------+
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | |
+----------------------------------------+--+-------------+--+---------------+
| Current liabilities: | | | | |
+----------------------------------------+--+-------------+--+---------------+
| Accounts payable and accrued | | $ 13,602 | | $ 15,356 |
| liabilities | | | | |
+----------------------------------------+--+-------------+--+---------------+
| Income taxes payable | | 430 | | 413 |
+----------------------------------------+--+-------------+--+---------------+
| | | | 14,032 | | 15,769 |
+--+-------------------------------------+--+-------------+--+---------------+
| | | | | | |
+--+-------------------------------------+--+-------------+--+---------------+
| User funds held on deposit | | 5,404 | | 10,833 |
+----------------------------------------+--+-------------+--+---------------+
| Future income taxes | | 301 | | 382 |
+----------------------------------------+--+-------------+--+---------------+
| | | | 19,737 | | 26,984 |
+--+-------------------------------------+--+-------------+--+---------------+
| | | | | | |
+--+-------------------------------------+--+-------------+--+---------------+
| Minority interest | | 6,032 | | 6,382 |
+----------------------------------------+--+-------------+--+---------------+
| | | | | | |
+--+-------------------------------------+--+-------------+--+---------------+
| Shareholders' equity: | | | | |
+----------------------------------------+--+-------------+--+---------------+
| Share capital | | 33,637 | | 33,552 |
+----------------------------------------+--+-------------+--+---------------+
| Stock options | | 7,451 | | 6,856 |
+----------------------------------------+--+-------------+--+---------------+
| Retained earnings | | 23,781 | | 32,032 |
+----------------------------------------+--+-------------+--+---------------+
| | | | 64,869 | | 72,440 |
+--+-------------------------------------+--+-------------+--+---------------+
| | | | | |
| Subsequent event | | | | |
+----------------------------------------+--+-------------+--+---------------+
| | | | $ 90,638 | | $ 105,806 |
+--+-------------------------------------+--+-------------+--+---------------+
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(In thousands of U.S. dollars, except per share data)
(Unaudited)
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| | | For the three months | | For the six months |
+--------------------+--------------+------------------------+--+-------------------------+
| | | ended June 30, | | ended June 30, |
+--------------------+--------------+------------------------+--+-------------------------+
| | 2009 | | 2008 | | 2009 | | 2008 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Revenue | $ | $ | 16,800 | $| 20,274 | $ | 36,118 |
| | 10,140 | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Expenses | | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Operating | 9,895 | | 13,170 | | 18,094 | | 27,609 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| General and | 2,200 | | 4,017 | | 5,324 | | 6,869 |
| administrative | | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Reorganization | 155 | | ? | | 687 | | ? |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Impairment long-term | 3,961 | | ? | | 3,961 | | ? |
| investments | | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Finance | 26 | | 80 | | 47 | | 253 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Amortization | 1,199 | | 1,469 | | 2,504 | | 2,865 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | 17,436 | | 18,736 | | 30,617 | | 37,596 |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Loss before undernoted | (7,296) | | (1,936) | | (10,343) | | (1,478) |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Interest income | 122 | | 824 | | 293 | | 1,618 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Non operating income | ? | | ? | | ? | | 102 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Net (loss) earnings before | (7,174) | | (1,112) | | (10,050) | | 242 |
| income taxes and minority | | | | | | | |
| interest | | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Income taxes: | | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Current | (583) | | 167 | | (743) | | 721 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Future | (278) | | 118 | | (1,620) | | 147 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | (861) | | 285 | | (2,363) | | 868 |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Net loss before minority | (6,313) | | (1,397) | | (7,687) | | (626) |
| interest | | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Minority interest | (122) | | 96 | | (200) | | 258 |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Net loss and | $ | $ | (1,493) | $| (7,487) | $ | (884) |
| comprehensive loss | (6,191) | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| | | | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
| Net loss per common share | | | | | | |
+---------------------------------------------+---+----------+--+----------+---+----------+
| Basic | $ | $ | (0.10) | $| (0.56) | $ | (0.04) |
| | (0.46) | | | | | | |
+-----------------------------------+---------+---+----------+--+----------+---+----------+
| Diluted | $ | $ | (0.10) | $| (0.56) | $ | (0.04) |
| | (0.46) | | | | | | |
+--------------------+--------------+---------+---+----------+--+----------+---+----------+
+--------------------------+-----------------------+----+------------+--+----------+
| CRYPTOLOGIC LIMITED |
+----------------------------------------------------------------------------------+
| CONSOLIDATED STATEMENTS OF RETAINED EARNINGS |
+----------------------------------------------------------------------------------+
| (In thousands of U.S. dollars) |
+----------------------------------------------------------------------------------+
| (Unaudited) |
+----------------------------------------------------------------------------------+
| | | | For the six months |
| | | | ended |
+--------------------------+-----------------------+----+--------------------------+
| | | | June 30, |
+--------------------------+-----------------------+----+--------------------------+
| | | | 2009 | | 2008 |
+--------------------------+-----------------------+----+------------+--+----------+
| Retained earnings, beginning of period | $ | 32,032 | $ | 70,855 |
+--------------------------------------------------+----+------------+--+----------+
| Loss | | (7,487) | | (884) |
+--------------------------------------------------+----+------------+--+----------+
| Dividends paid, excluding those paid to CEC | | (764) | | (3,076) |
| shareholders | | | | |
+--------------------------------------------------+----+------------+--+----------+
| Excess of purchase over stated value of | | ? | | (614) |
| repurchased common shares | | | | |
+--------------------------+-----------------------+----+------------+--+----------+
+-------------------------------------------------+----+------------+--+----------+
| Retained earnings, end of period | $ | 23,781 |$ | $ 66,281 |
+-------------------------------------------------+----+------------+--+----------+
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF CASHFLOWS
(In thousands of U.S. dollars)
(Unaudited)
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | For the three months | | For the six months |
| | | | | | | |
+--+----+------------------------------+---+------------------------+---+------------------------+
| | | | | ended June 30, | | ended June 30, |
+--+----+------------------------------+---+------------------------+---+------------------------+
| | | | 2009 | | 2008 | | 2009 | | 2008 |
+-------+------------------------------+---+---------+---+----------+---+----------+---+---------+
| Cash flows from (used in): | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | | | | | | | |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| Operating activities: | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | Net loss | $ | (6,191) | $ | (1,493) | $ | (7,487) | $ | (884) |
+--+-----------------------------------+---+---------+---+----------+---+----------+---+---------+
| | Adjustments to | | | | | | | | |
| | reconcile loss to cash | | | | | | | | |
| | provided by (used in) operating | | | | | | | | |
| | activities: | | | | | | | | |
+--+-----------------------------------+---+---------+---+----------+---+----------+---+---------+
| Amortization | | 1,199 | | 1,469 | | 2,504 | | 2,865 |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Reorganization | | 155 | | ? | | 687 | | ? |
| expense | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Impairment of | | 3,961 | | ? | | 3,961 | | ? |
| long-term | | | | | | | | |
| investments | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Unrealized gain on | | (9) | | 165 | | (136) | | (78) |
| forward contract | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Future income | | (278) | | 166 | | (1,620) | | 151 |
| taxes | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Minority interest | | (122) | | 96 | | (200) | | 258 |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Stock options | | 275 | | 482 | | 595 | | 1,171 |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | (1,010) | | 885 | | (1,696) | | 3,483 |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| | Change in operating assets and | | | | | | | | |
| | liabilities: | | | | | | | | |
+--+-----------------------------------+---+---------+---+----------+---+----------+---+---------+
| Accounts | | (578) | | (2,224) | | (1,328) | | (1,779) |
| receivable and | | | | | | | | |
| other | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Prepaid expenses | | (1,637) | | (672) | | (1,937) | | (407) |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Accounts payable | | 336 | | (2,911) | | (2,441) | | (1,628) |
| and accrued | | | | | | | | |
| liabilities | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Income taxes | | (712) | | (4,776) | | (915) | | (4,313) |
| payable | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | (3,601) | | (9,698) | | (8,317) | | (4,644) |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Financing activities: | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Issue of capital stock, | | ? | | 121 | | ? | | 189 |
| net | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Repurchase of common | | ? | | (739) | | ? | | (739) |
| shares | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Dividends paid | | (829) | | (3,344) | | (829) | | (3,344) |
| including those to CEC | | | | | | | | |
| shareholders | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | (829) | | (3,962) | | (829) | | (3,894) |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Investing activities: | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Cash paid for | | ? | | (1,254) | | ? | | (1,254) |
| Casino.co.uk | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Purchase of | | (191) | | (689) | | (307) | | (1,307) |
| capital assets | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Purchase of other | | (277) | | (976) | | (477) | | (1,995) |
| investments | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Decrease in | | ? | | ? | | 2,175 | | 14,976 |
| restricted cash | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Decrease in | | ? | | ? | | ? | | 900 |
| security deposits | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | (468) | | (2,919) | | 1,391 | | 11,320 |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | | | | | | | |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| (Decrease) increase in cash and | | (4,898) | | (16,579) | | (7,755) | | 2,782 |
| cash | | | | | | | | |
| equivalents | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Cash and cash equivalents, | | 33,491 | | 74,789 | | 36,348 | | 55,428 |
| beginning of | | | | | | | | |
| period | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Cash and cash equivalents, end of | $ | 28,593 | $ | 58,210 | $ | 28,593 | $ | 58,210 |
| period | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| | | | | | | | | | | |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
| Supplemental cash flow information: | | | | | | | | |
| | | | | | | | | |
+--------------------------------------+---+---------+---+----------+---+----------+---+---------+
| Non cash portion of | $ | ? | $ | 19 |$ | ? |$ | 83 |
| options exercised | | | | | | | | |
+--+----+------------------------------+---+---------+---+----------+---+----------+---+---------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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