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Financial Magazine Names CryptoLogic Top Growth Stock
CALGARY --
Cryptologic (NASDAQ: CRYP), a leading software maker based in Canada who fuels many of the world's best online casinos, was named a top growth stock over the next five years by leading financial news magazine Motley Fool.
The online magazine predicts Cryptologic will see 30-40% growth over the next five years. This past week, CryptoLogic announced 4th quarter earnings per share (EPS) had tripled in the past year to $0.36 per share on $4.3 million in net income. Those figures far exceeded Wall Street expectations of $0.21 per share. If you remember, back in the 4th quarter of 2006, CryptoLogic earned just $1.7 million, or $0.12 per share.
In a market where other online casino software developers have seen very rough economic times, CryptoLogic's cash flows remain consistent, which means the company would be in great shape if the US decided to overturn the UIGEA in favor of online gambling legalization and regulation.
Online casino industry analysts are remaining optimistic the UIGEA can be overturned. If it were to happen, CryptoLogic would soon re-enter the US market, a place they once dominated.
The consensus among industry analysts is the UIGEA will not be over-turned in the near future, however, they say it is very unlikely the ban will continue long-term.
"If big-name players like CryptoLogic are allowed to re-enter the US market, they could easily steam-roll past 30-40% growth estimates", says Online Casino Sphere's Lee Rockwell.
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