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SouthPeak Interactive Posts Results for 1Q 2010
Nov 17, 2009 (Close-Up Media via COMTEX) --
SouthPeak Interactive, a videogame publisher, announced financial results for the quarter ended September 30.
In a November 11 release, for the quarter ended September 30, SouthPeak reported net revenues of $16.7 million compared to $8.3 million in the comparable period in 2008. Earnings before interest, taxes, depreciation and amortization, as adjusted ("Adjusted EBITDA"), was $1.3 million for the period compared to a loss of $1.3 million in the comparable period in 2008. Non-GAAP net income for the period was $843 thousand compared a loss of $1.4 million in the comparable period in 2008. GAAP Net income was $687 thousand or $.01 per diluted share for the period compared to a GAAP net loss of $2.7 million or ($.08) per diluted share in the comparable period in 2008.
"We are encouraged with our operational results for the quarter, and continue to see the benefits of our investment in our infrastructure and personnel. In this period, we launched three Xbox 360 titles, which included the global launch of Section 8 on Xbox 360 and Games for Windows Live," said Melanie Mroz, CEO of SouthPeak. "We are also encouraged with our continued revenue growth despite the ongoing challenges in the retail environment. We expect that the recent price reductions can drive momentum for the industry going into the holiday season."
Highlights of the quarter include:
- Quarterly net revenue increase of approximately 100 percent, to $16.7 million from $8.3 million in the comparable period in 2008.
- Adjusted EBITDA of $1.3 million for the period compared to a loss of $1.3 million in the comparable period in 2008.
- Acquired in bankruptcy certain assets owned by Midway relating to video games based on the TNA iMPACT wrestling brand.
- Upcoming product releases include My Baby: First Steps (Wii and Nintendo DS), Horrid Henry (Wii, Nintendo DS and PC), Miniclip Sushi Go Round (Wii, Nintendo DSi and iPhone), TNA iMPACT: Cross the Line (PSP, PSPgo and DS), Dementium II (Nintendo DS), Fast Food Panic (Wii and Nintendo DS), Sled Shred featuring the Jamaican Bobled Team (Wii), Crime Scene(Nintendo DS) and Montessori Music (Nintendo DS).
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