November 4th, 2009 by Arjan Olsder Posted in Companies & M&A | No Comments »
Glu reported $19.6 Million in revenues, $4.3 Million less than Q3 2008 ($23.9 Million). GAAP loss from operations and net loss were $(2.8) million and $(4.0) million, respectively.
In Q3 2008, GAAP loss from operations and net loss were $(54.2) million and $(56.9) million respectively. GAAP loss per basic share was $(0.13) for the quarter ended September 30, 2009, compared with a GAAP loss per basic share of $(1.93) in the same period last year. GAAP net loss for the third quarter of 2009 included $513,000 of royalty impairments and $919,000 in restructuring charges.
Though revenues went down, the company managed to be cash positive and that’s a huge plus on the results of Q3 2008. The company achieved positive cash flow from operations for the second consecutive quarter, generating $2.7 million in cash from operations during the third quarter of 2009.
“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, chief executive officer of Glu. “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 stabilized capital structure.”
“Our ability to achieve positive cash flow from operations for the second consecutive quarter highlights the company’s commitment to generate positive cash flow as we continue to invest in new platforms,” said Eric R. Ludwig, Glu’s chief financial officer. “With the strong cash generation during the third quarter, Glu expects to attain its full year cash flow objective and remains in position to continue investing in new markets.”
