Shares of Internet gambling software developer CyptoLogic Ltd. plunged Monday after it said its first-quarter profit fell on lower sales and higher costs.
Profit dropped 59 percent to $609,000, or 6 cents per share, from $1.5 million, or 10 cents per share, in the 2007 first quarter.
Sales fell 1.5 percent to $19.3 million from $19.6 million.
While sales matched Wall Street expectations, the company's profit was well below analysts' forecasts.
Analysts polled by Thomson Financial expected profit of 25 cents per share on sales of $19.3 million.
The company's interest income fell to $794,000 from $1.7 million, while operating expenses rose to $14.4 million from $13.6 million. The company also had a $4.5 million one-time gain in the 2007 first quarter on a change in online casino payout estimates.
Shares fell $2.64, or 12.2 percent, to $18.77 in morning trading. They have traded between $14.20 and $27 in the past 12 months.
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