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Changyou sees FY13 sales up 18% to $738 million

TLBB and Wartune drive record financials
Changyou sees FY13 sales up 18% to $738 million

Chinese online publisher Changyou (NASDAQ: CYOU) has announced its unaudited FY13 financials for the twelve months ending 31 December 2013.

Revenues were $738 million, up 18 percent year-on-year.

Changyou's online games such as TLBB (aka Dragon Oath 3), Wartune and DDTank accounted for 91 percent of sales.

The company also runs web browser games through its 17173.com portal.

Net income was $269 million, down 5 percent, due to higher development and marketing costs.

Branching out mobile

CEO Tao Wang pointed to the expansions for TLBB and Wartune as being key to the Changyou's performance.

The company is now looking to boost its mobile games business, with a mobile version of battle card and strategy game TLBB currently in beta testing.

Wang stated that as well as its internal development of mobile content, Changyou was looking for co-development and publishing deals with third-party developers as part of its new Win Plan licensing operation.

"With the consistent rich cash inflows from our existing businesses, we are in a good position to continue investments in mobile games and new software applications of our platform initiative, which we believe can enhance the competitiveness and industry position of the company and increase shareholders' value over the long term," said CFO Alex Ho.

Changyou ended the year with cash and equivalents worth $551 million, up $26.6 million from three months ago.

It has short-term bank loans of $410 million, up $56 million from three months ago.

[source: Changyou IR]