CryptoLogic Ltd., the extremely successful Toronto-based internet gaming company, has released its fourth-quarter profits ending December 31, 2007.

Sales of new casino games has boosted CryptoLogics profits by nearly double with earnings ahead of the company’s guidance and market expectations. Earnings in the fourth-quarter were $4.3 million or 36 cents per share compared with $1.7 million or 12 cents per share from the 2006 fourth-quarter. 

CryptoLogic Ltd. has attributed this growth and success partly to its newest line up of casino games that were launched in October and to the release of the new Spider-Man and Fantastic Four online slot games in December. 

Sales rose 7 percent to $20.4 million from $19 million in 2006. Online casino revenue rose to $14 million from $10 million while online poker revenue fell to $4.6 million from $6.7 million. Compared to 2006, the company earned $5.7 million or 47 cents per share compared with $24.8 million or $1.83 per share in 2006. Sales fell 29 percent to $73.7 million from $104 million. 

“In 2007, CryptoLogic demonstrated the resilience of its business - and the strength of its strategy,” said Brian Hadfield, CryptoLogic’s President and CEO.

“CryptoLogic led the industry in gaming innovation, broadened and deepened its customer relationships, grew both its core and emerging businesses, and made strategic investments in Europe and Asia. CryptoLogic enters 2008 with a new wave of momentum - and a new world of opportunity.”

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