| February 17 - CryptoLogic Inc., which is a well known, leading developer of software for the global online gambling industry has reported a record financial result for last year. The company reports it grew revenue and earnings by 21%. CryptoLogic ended 2006 with 128.4 million U.S Dollars total in cash.
CryptoLogic's sturdy results and new customers come after a time of considerable change and uncertainty for the industry. October 13th, 2006 saw the US pass legislation which banned online gambling in the country and CryptoLogic had made sure that its licensees wouldn't accept any wager from a U.S. players.
Due to the fact that the company's trade was mainly focused on the European market prior to the legislation, CryptoLogic was affected much less seriously than many of its competitors.
Lewis Rose, CEO of CryptoLogic states that with their largest licensees were on long-term agreements as well as revenue expected for 2007 from their new Asian venture, CryptoLogic is ready for long-term growth in Europe and Asia.
CryptoLogic's 2006 results for Q4 met the company's estimates with 19.0 million U.S Dollars of revenue and 1.7 million in earnings.
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