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Playlogic Records First Full Year Profit Since Launch

by Rainier on March 31, 2008 @ 2:57 a.m. PDT

Dutch publisher Playlogic Entertainment reports net revenues of $10.1 million and a net profit of $0.7 million for the fiscal year ended December 31, 2007.

Willem M. Smit, Playlogic’s CEO: “For the first time since we started in 2002 Playlogic has realized profit for a full year. We are very pleased about this achievement and we expect this to be a turning-point towards further growth of revenues and profit. It is also an important milestone for all our shareholders and investors who put their trust and money in our company over the past years.”

Net revenues for the fiscal year 2007 increased substantially from $5.0 million in 2006 to $10.1 million in 2007. This is a doubling of the net revenues compared to the previous year. The change is primarily attributable to an increased number of games published and higher associated unit sales per SKU.

For the fiscal year 2007, gross profit totalled $ 5.0 million, up from $1.2 million the previous year, an increase of 318%.

The net profit for the year ended December 31, 2007 totalled $0.7 million versus a loss of $ 12.5 million the previous year.

Net earnings per share went up to $0.03 for the year, compared to $(0.51) in 2006.

Business highlights 2007

  • Received Global Playstation 3 Publishing License from SCEA
  • Received US Playstation 2 and PSP Publishing License from SCEA
  • Highest number of SKU’s (#) published to date
  • Playlogic’s in-house development studio continued its First Party relationship with SCEE on new projects
  • Playlogic titles available at retail in Japan, South Korea, Taiwan, Singapore, Hong Kong and Thailand
  • Sony Computer Entertainment Asia distributed Obscure II on PS2 and Xyanide Resurrection on PSP
  • Closed $12.3 million in equity through a Private Placement

New developments

  • Playlogic’s in-house studio Playlogic Game Factory has extended First Party SCEE contracts on projects to be disclosed by SCEE
  • In May Playlogic will move to its new European headquarter (9000sq/ft) in the World Trade Center in Amsterdam
  • Publishing focus shifting to higher ratio of console titles versus PC as installed base increases
  • Q1 2008 releases: Xyanide Resurrection PC, Dragon Hunters DS, Simon the Sorcerer 4-Chaos Happens, Obscure 2 Wii, Aggression–Reign over Europe

Willem M. Smit, CEO: “We anticipate continuous growth in 2008. With the recent closing of $7 million in equity and debt we will be able to further invest in our publishing portfolio as planned. We expect to release around 20 titles on various platforms this year which should result in higher net earnings in the range of $0.07 - $ 0.12 per share”.

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