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.