However, the company posted a GAAP net loss for the quarter of $37.8 million, a sharp fall from the $0.9 million loss in Q4 2007.
The Q4 2008 net loss includes an estimated goodwill impairment of $23.5 million, and an impairment on certain royalty guarantees of $4.2 million.
Glu thus calculates its Q4 non-GAAP net loss as $4.3 million, which includes that royalty impairment. However, there could be more bad news to come on the goodwill impairment, according to Glu's SEC filing.
"Based on a combination of factors, including the current economic environment and a decline in our market capitalization, we concluded that there were sufficient indicators to require us to perform an interim goodwill impairment analysis," says the filing.
"We have not completed the analysis and expect to finalize it during February or March of 2009. We may make an adjustment to this charge when the analysis is completed, and the final charge will be reported in our Form 10-K for 2008."
Glu's Q4 revenues of $21.6 million compare to EA Mobile's $48 million (GAAP) and Gameloft's 33.8 million (around $43.8 million), although the EA and Glu figures are mobile-only, while Gameloft's include some console and handheld sales.
The results mean Glu posted revenues of $89.8 million for 2008 as a whole, up 34 per cent from 2007's $66.9 million. However, Glu's GAAP net loss for 2008 was $107.3 million - including a goodwill impairment of $70.1 million - compared
to $3.3 million in 2007.
The publisher says its 2008 non-GAAP net loss was $6 million.
CEO Greg Ballard continues to claim that Glu's shift towards higher end mobile platforms will help it prosper in 2009, though.
"2008 was a challenging year for Glu and the industry. We have spent the last several months focused on setting a solid foundation for executing our business plan in 2009, says Ballard.
"With our recent restructuring activities behind us, we stand well situated to implement a more aggressive publishing strategy for the next generation handsets, such as iPhone, Android, Blackberry and N-Gage, while continuing to deliver the best games for the traditional carrier market."
However, the company's own estimates indicate that 2009 may be a tough year. It has predicted GAAP revenue of between $18 million and $18.5 million for Q1 2009, and GAAP revenue of around $76 million for the full year 2009 - down 15 per cent from 2008.
Stand by for a report on what Glu had to say in its analyst conference call.
