It's been a difficult year for US publisher Glu Mobile (NASDAQ:GLUU); something reflected in its FY09 figures.
For the full year ending December 31st, it reported revenues of $79.3 million, down 12 percent year-on-year.
Net loss for the year was $18.2 million, although this was sharply reduced compared to $106.7 million in 2008.
The really good news however was the company achieved positive cash flows from operations for the third consecutive quarter, generating $195,000 during Q4, and $1.1 million for the year.
Fourth quarter calm
More generally, during its fourth quarter, Glu reported revenues of $19.1 million, down 12 percent year-on-year.
Net loss in Q4 was $6.9 million, down from $37.2 million in Q4 2008. The former included $5.5 million of non-cash royalty impairments and $444,000 in restructuring charges.
All these figures are provided using the standard Generally Accepted Accounting Principles (GAAP).
Making the transition
Glu Mobile's net loss for FY09 under non-GAAP - which is used to strip out one-off costs and income to try and make year-on-year comparisons easier - was $5.2 million, compared to a non-GAAP net loss of $6.0 in 2008.
"Our fourth quarter results highlight Glu's progress and challenges as the industry transitions to smartphones," said new CEO Niccolo de Masi.
"We have already begun reallocating resources with a target of doubling our smartphone studio capacity this year. We are aggressively focused on building upon our current momentum and growing smartphone revenues, as well as creating social, persistent-gaming experiences which capture consumers' imaginations.
De Masi also stated, "I am committed to being cash flow neutral from operations during 2010. While our transition will take time, I believe that Glu has the studio talent, scale and infrastructure to compete in the accelerating smartphone gaming market."
Cash to invest
Glu ended 2009 with a cash and cash equivalents balance of $10.5 million, and had $4.7 million outstanding on its line of credit.
"Our ability to achieve positive cash flows from operations during a challenging fourth quarter further highlights the company's financial flexibility. We will continue to control costs during 2010 as Glu reallocates resources to focus on growth areas of the business," said Eric Ludwig, Glu's chief financial officer.
[source: Glu Mobile]
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
News
Jun 11th, 2024
King and Flexion partner to bring Candy Crush Saga to App Gallery and more alternative app stores
Feature
Jun 11th, 2024
Mobile Mavens: Are today's everlasting, live ops games holding back new innovation?
Feature
Jun 11th, 2024
The key takeaway from Apple's AI-laden WWDC keynote? It's time to buy a new iPhone
Events
Tribeca Games Festival 2024 | North America | Jun 5th |
Steam Next Fest: June 2024 Edition | Jun 10th | |
WN Conference Istanbul 2024 | Jun 11th | |
GamesForum Hamburg 2024 | Europe | Jun 11th |
ESI London 2024 | Europe | Jun 13th |
Game Con Canada (GCC) 2024 | North America | Jun 14th |
Indie Dev Play 2024 | Europe | Jun 14th |
DevGAMM Vilnius 2024 | Europe | Jun 14th |
Popular Stories
Interview
Jun 5th, 2024
A galaxy far, far away… Why Star Wars: Hunters took six years to hit the target
Interview
Jun 7th, 2024