Business Financial Newswire - Online betting games and web-based casino software specialist CryptoLogic saw full year revenue fall to $39.8m in the year to the end of December.

The firm said this was down from $61.5m in 2008 and reflected lower wagering activity across the industry, adverse currency factors, and a reduced contribution from a key licensee.

The firm posts a net loss of $35.5m compared with a loss of $32.7m in 2008 reflecting $24.8m non-recurring charges for asset impairments and restructuring to align the company's costs with its revenue base.

Total annual recurring cost base, which comprises operating, general and administrative, finance and amortization expenses, fell by $20.6m to $55.0m.

Branded games revenue increased to $2.8m (2008: $0.3m), accounting for 7.1% of total revenue (2008: 0.5%) despite slower-than-anticipated roll-out by licensees.

The firm had cash and cash equivalents of $23.4m - down from $36.3m a year ago.

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