US publisher Glu Mobile (Nasdaq: GLUU) has announced its financial figures for the third quarter of 2009, ending 30th September.
Revenues were $19.6 million, which were down 18 percent compared to the third quarter of 2008.
In comparison, revenues in Q2 09 were $19.9 million, down 16 percent year-on-year.
The company made an operational loss of $2.8 million and a net loss of $4.0 million under the standard Generally Accepted Accounting Principles (GAAP).
These compare to a GAAP operational loss of $54.2 million and a net loss of $56.9 million in Q3 FY08, thanks mainly to a $46.6 million goodwill impairment charge.
Non-GAAP income from operations, which strips out one-off costs and income, and stock-based compensation expenses to try to make year-on-year comparisons easier, was $300,000 compared to a $1 million loss in Q3 FY08.
There was some good news however as Glu achieved positive cash flow from operations for the second consecutive quarter, generating $2.7 million in cash from operations.
It ended the quarter with a cash and cash equivalents balance of $9.9 million, and has $4.1 million outstanding on its credit line.
"We were pleased with the company's ability to exceed expectations for the third consecutive quarter and remain optimistic that our recently launched titles for the iPhone will improve our paid app ranking," said Greg Ballard, Glu's outgoing CEO.
"We are also excited about the upcoming launch of our social network game initiative and anticipate our investment to gain traction as we develop and launch new titles in this growing sector of the gaming market."
Ballard concluded, "With the increasing importance of quality content for the mobile and social networking platforms, Glu remains well positioned due to the quality of its game developers, worldwide reach and stabilised capital structure."
However the company remains something of a restructure in progress as it attempts to maximise its historical strength in the maturing mobile games market, while expanding into new markets such as iPhone, Windows Mobile, Android and Facebook.
Overall for FY09, Glu expects its revenue to be approximately $79.8 to $80.3 million, with a net loss of between $13.1 million to $13.4 million.
News
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.
Top Stories
Feature
May 17th, 2024
New release roundup: The best new mobile games from a battle royale to a console classic remake
Feature
May 16th, 2024
Behind the scenes: How adding sandwich offers to an idle merge game boosted three metrics at once
Events
Digital Dragons | Europe | May 19th |
GamesBeat Summit 2024 | North America | May 20th |
Mobidictum Meetup Tallinn May 2024 | Europe | May 21st |
Nordic Game Spring 2024 | Nordic | May 21st |
Impact 2024 - Indie Games | May 23rd | |
Morocco Gaming Expo | Africa | May 24th |
MomoCon 2024 | North America | May 24th |
Unreal Fest Gold Coast 2024 | Australasia | May 29th |
Popular Stories
Feature
May 14th, 2024
53 top mobile games in soft launch: Squad Busters, Battle Guys: Royale, Plants vs. Zombies 3, LEGO Hill Climb Adventures, and more
Feature
May 13th, 2024
Hot Five: Dubai's new Gaming Visa, April's mobile game charts, and Xbox studio closures
Feature
May 14th, 2024