02:48 PM EST - CryptoLogic Inc. : said Thursday its fourth-quarter profit dropped 70.6 percent to US$1.7 million in its first report reflecting financial performance since the U.S. government declared a ban on online gambling. For the ended Dec. 31, the company's earnings were equivalent to 12 cents per diluted share, down from $5.8 million or 43 cents per share, in the same period last year. The quarter was impacted by $1 million in reorganization costs for the shift of its headquarters to Ireland. Revenue was $19 million, down from $25.1 million in the comparable period. CryptoLogic Inc.
shares T.CRY are trading down 75 cents at $29.25.
