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]