Following on from Glu Mobile's (NASDAQ:GLUU) Q1 2010 figures, CEO Niccolo de Masi and CFO Eric Ludwig took part in a conference call for analysts.

Taking about his 121 days at the helm of company, de Masi said he had decided to take close control with R&D, sales, game operations, and product functions reporting directly to him.

This was part of a general move to absorb a number of senior management positions, although Glu is looking to hire new staff during the next quarter.

In terms of breaking down its financials, smartphone revenues were $1.53 million, or 9 percent of Q1's $17.3 million sales.

Of this, 9 percent was generated from in-game ads and micro transactions.

App Store acces

He also revealed Glu's total iPhone downloads were more than 30 million, or 22 million excluding updates. "Our total monthly unique user base on iPhone averaged over 8 million in Q1," de Masi said.

Drilling down even further, Glu's top 10 titles accounted for 46 percent of revenue, with the average for each top 10 title being $791,000 during the quarter.

New titles represented 50 percent of revenue, with original IP being 20 percent of total revenue.

Verizon was the biggest single carrier customer consisting of 18 percent of revenue, while the top four carriers accounted for approximately 40 percent of Glu's revenue.

The company's geographical mix was 52 percent in North America, 27 percent in EMEA, and 21 percent in the rest of the world.

Breaking the deck

In terms of the future, Glu is betting on what it calls "new persistent gaming franchises". Two are expected to be live in the fourth quarter, with another two live before the end of the year.

"Evidence has continued to grow in the past quarter that premium, social MMO gaming models are converging on smartphones at accelerating rate," explained de Masi.

"Larger phone factor mobile devices such as the iPad are adding to momentum in our space."

More significant for shareholders however is Glu's continuing credit crunch, or "eliminating liquidity concerns", as de Masi put it.

The company says it's exploring a number of different options to strengthen its balance sheet, something it hoped to have resolved by its Q2 earnings call.

Indeed, Glu owes a considerable amount of money to the ex-shareholders of Chinese publisher MIG - $8.56 million plus $261,000 in interest payments. This is due in three batches between June and December.

Still, de Masi remains bullish, stating the long-term mission statement for Glu, is to become "to be the world’s largest and most profitable persistent gaming company on mobile devices".

[source: SeekingAlpha]