CryptoLogic announced its financial results for the three months and full-year ending December 31, 2009.

According to the company, "the results reflect a transitional year in which the company's new management team repositioned CryptoLogic's business, signed 10 new customers and progressed a restructuring plan to return the company to profitability in 2009."

Amongst notable items for the full year:

- Launched new growth strategy and restructuring to return to profitability and cash generation in 2009, driven by Internet casino, games development and licensing to top gaming/entertainment brands,

- Executed an agreement for a shared poker network with GTECH Corporation's subsidiary, Boss Media AB, substantially reducing costs while improving liquidity for players: integration of all poker customers to be completed on March 19, 2009,

- Secured 10 new customer contracts, including 888.com, PartyGaming, BSkyB and GigaMedia,

- Released 34 new games, featuring big brands such as Street Fighter II, Sub-Mariner and King Kong,

- Revenue of $61.5 million (2007: $73.7 million), in line with market expectations,

- Net loss of $32.7 million (2007: net profit of $5.5 million), reflecting write downs of impaired assets, non-recurring restructuring costs and currency factors, as announced previously,

- Diluted loss per share of $2.55 (2007: $0.47 diluted earnings per share) and

- Net cash of $43.8 million (2007: $77.5 million), slightly above guidance.

The notable items for the fourth quarter summary included:

-Revenue of $11.4 million (Q4 2007: $20.4 million),

- Net loss of $26 million (Q4 2007: $4.3 million net profit) including write downs of assets and program costs, non-recurring restructuring costs, departure costs for ex-CEO, and currency factors,

- Diluted loss per share of $2.05 (Q4 2007: $0.36 diluted earnings per share),

- Restructuring resulted in $1.4 million in cash costs and $19.2 million in non-cash charges, in line with the company's guidance and

- Received initial revenue from new licensing contracts signed during 2008, including 888.com.

The company says that barring any further market drops, the company should return to profitability for 2009.

"Our restructuring program is ahead of schedule. With a lower cost base, 10 new customers signed to date and a highly profitable 'build-once-license-often' model—coupled with the financial strength to weather difficult global economic conditions—CryptoLogic is on track for a substantial turnaround this year," explained CryptoLogic CEO and president Brian Hadfield.

More information here.