Mobile game developer and publisher Glu Mobile (NASDAQ:GLUU) has announced its financials for Q1 2014, the three months ending 31 March 2014.
Revenue was $44.6 million, a record for the quarter, and up 81 percent year-on-year.
The company made a small profit of $100,000 compared to a lost of $5.5 million 12 months ago.
It generated $3.8 million in cash flow during the quarter compared to using $3.7 million of cash in Q1 2013.
Understandably, CEO Niccolo de Masi was enthusiastic about the results.
“Our record Q1 2014 results highlight Glu’s continued strong execution and consumer traction with our Deer Hunter and Eternity Warriors franchises,” he stated.
As well as mentioning the just-announced acquisition of US developer PlayFirst, he also pointed to upcoming 2014 titles such as Tap Sports: Baseball, Dino Hunter, a tie-in with the Hercules movie, and games made in collaboration with Kim Kardashian.
“Our ability to exceed expectations during the first quarter was primarily driven by the ongoing momentum of Deer Hunter 2014 and success of Eternity Warriors 3,” added Glu's CFO Eric R. Ludwig
“We were particularly pleased with the significant improvement in operating leverage, evidenced by the generation of $6.5 million in adjusted EBITDA."
Glu now expects to post non-GAAP revenues for 2014 of between $155.0 million and $161.5 million.
It ended the quarter with cash of $34.5 million.
[source: Glu Mobile]