CryptoLogic slips on Q1 EPS below the Street

Shares of CryptoLogic Ltd. (Nasdaq:CRYP) are treading lower after the internet gaming software company posted first-quarter earnings this morning substantially below the consensus estimate on Wall Street. Though earnings were lower-than-anticipated on account of one-time charges related to a senior management change and the timing of an R&D tax credit recorded in fourth quarter of 2007, excluding these items earnings would have still clocked in below analysts’ forecast. Additionally, when comparing first-quarter results with the first quarter of 2007, the year-ago quarter contained a one-time gain.

While revenues met the consensus estimate, they were still 2% lower than they would have been had the company not incurred the one-time charges.

Shares dipped 11%, or $2.42, to $19.22 at 11:28 a.m. ET. For detailed price information and recent news stories about CryptoLogic, click CRYP.

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