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Another quarter of losses at Glu as it waits for App Store and App World to kick in

Another quarter of losses at Glu as it waits for App Store and App World to kick in
Some companies are happy to be different when it comes to their financial quarters. So while most game publishers are announcing their Q4 and FY08-09 figures, Glu - which works to a calendar year - is already onto Q1.

For the period ending 31st March 2009, it’s revealed revenue of $20.8 million, up just 1 per cent on the $20.6 million revenue announced for Q1 2008.

The company’s 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), Glu’s 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 wasn’t yet seeing significant revenues from App Store, partly because it had dropped prices to help establish Glu’s brand.

Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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