CryptoLogic reports stronger fourth-quarter profit

[SlyCin56]

Thursday February 26, 8:50 AM EST

(Figures in U.S. dollars unless noted)

TORONTO, Feb 26 (Reuters) - CryptoLogic Inc. (CRY) reported a stronger fourth-quarter profit on Thursday as sales of its Internet gambling software jumped 53 percent from a year earlier.

CryptoLogic said net income rose to $3 million, or 23 cents per share, in the quarter ended Dec. 31, from $2.2 million, or 18 cents per share, in the corresponding period last year.

Revenues in the quarter climbed to $13.5 million from $8.9 million.

One analyst had expected a profit of 18 cents per share according to Reuters Research, a unit of Reuters Group Plc.

CryptoLogic said as of Dec. 31 it had no debt and $67.3 million of cash.

The company said it expects first-quarter revenue of $13.6 million to $14 million, with earnings of $3.1 million to $3.3 million and earnings per share of 23 cents to 24 cents.

[funboy]

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