Glu Mobile [Nasdaq:GLUU] has announced its Q2 financials for the three months ending June 30, 2009. Revenue was $19.9 million, down 16 percent compared to the $23.7 million recorded in Q2 2008.

Revenue was also down four percent compared to Q1 09's $20.8 million.

Unlike retail game sales, mobile sales are less cyclical, making a quarter-on-quarter comparison relevant in terms of spotting trends.

Losses from operations under the standard Generally Accepted Accounting Principles (GAAP) were $2.5 million and the company's net loss for the quarter was $1.5 million.

This compares with GAAP losses of $6.3 million and $6.6 million respectively from Q2 2008.

The net loss figure for the second quarter of 2009 included $589,000 of royalty impairments and a $513,000 restructuring charge. These are included under GAAP.

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 $0.5 million, and non-GAAP net income was $662,000.

Perhaps more significantly than these accounting figures however was the news that following large scale restructuring, Glu had achieved positive cash flow from operations one quarter sooner than its previously announced expectations.

It generated $1.1 million in cash from operations in Q2 2009.

"We were pleased with the company's ability to achieve positive cash flow from operations ahead of schedule and exceed our expectations during the second quarter," said Greg Ballard, Glu's outgoing CEO.

"Our traditional carrier business continues to stabilize, which is allowing the company to invest in new platforms as evidenced by our launch of seven titles for the iPhone during the second quarter."

"While the overall revenue contribution from new platforms remains small at this point, we will continue to invest in growth initiatives and believe that Glu remains well positioned to benefit from the growth of the mobile gaming market opportunity from a long-term perspective."

The company expects to generate between $18.75 million and $19.0 million of revenue and have a net loss of between $3.6 and $3.8 million under GAAP for its quarter ending September 30, 2009.

Its best guest at a full year figure is approximately $79.1 to $80.0 million in revenue and a net loss of between $11.8 million and $13.8 million.

Glu currently has cash and cash equivalents worth $12.8 million, and $4.5 million outstanding on its line of credit.