Another quarter of losses at Glu as it waits for App Store and App World to kick in
For the period ending 31st March 2009, its revealed revenue of $20.8 million, up just 1 per cent on the $20.6 million revenue announced for Q1 2008.
The companys net loss for the period (calculated via the Generally Accepted Accounting Principles) was $5.8 million compared to a loss of $6.0 million for Q1 2008. Stripping out one-off income and expenses (non-GAAP), Glus net loss was $1 million, compared to a loss of $0.4 million in Q1 2008.
The company ended the quarter with a cash and equivalent balance of $14.7 million, and had $4.5 million outstanding on its line of credit.
CEO Greg Ballard commented; We have made solid progress against our strategy for next-generation handsets, now offering eight games for the iPhone and twenty-nine games for the Blackberry app store. Equally important, we expanded our global partnership with Activision, which will bring five premier titles to the mobile platform beginning later this year.
In a conference call Ballard also said that although initial sales were encouraging, Glu wasnt yet seeing significant revenues from App Store, partly because it had dropped prices to help establish Glus brand.