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27
January 2009
CryptoLogic
Expects To Deliver $9-$10 Million
Net Income In 2009
Cryptologic
have provided an update on its
new growth strategy and
restructuring program that
positions the company for a
return to profitability and cash
generation in 2009, and further
growth in the years to
come.
Under
the plan announced in October
2008, the company is on track to
achieve reduced total operating
costs of approximately $13
million on an annualized basis by
the end of Q2 2009.
Other
aims include:
- Restructuring
to result in $3.5 million cash
costs and up to $20 million in
further non-cash
charges.
- Outsourcing
of poker network through
strategic partnership with
GTECH Corporation to be
completed by the end of Q1
2009. Partnership will improve
poker-room liquidity for
CryptoLogic customers, while
eliminating the costs of
operating a standalone
network.
- Rationalization
includes reconfiguration of
network, a 75% reduction in
servers and office rental
costs.
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