For the first quarter ended March 31, 2006, net revenue climbed 440% to $2.7 million from $0.5 million the year before. The change in quarterly revenue is primarily attributable to the investments made in the previous years that have started to pay off in the first quarter. Most of the revenues came from new titles released on PlayStation2, Xbox and PC in both the US (34%) and Europe (66%).
Net loss from operations for the first quarter ended March 31, 2006, was $1.2 million versus $0.56 million the comparable year-earlier period. The higher loss is primarily due to higher selling, marketing, general and administrative expenses. These investments were made to ensure the continual growth and development of the company.
Earnings per share are $(0.05) for the first quarter 2006, compared to $(0.02) in the prior-year period.
The company is dedicated to substantially increase its net revenues for the balance of the year as a result of the planned releases. These include "Age of Pirates: Caribbean Tales," "Age of Pirates: Captain Blood," "Ancient Wars: Sparta," and "Infernal."
The company will continue to invest in its further growth by acquiring and publishing more high quality products.
Playlogic's portfolio includes games that are being developed by several teams at Playlogic Game Factory, Playlogic's in-house development studio based in Breda, as well as games developed by a number of studios throughout the world. Currently, 11 games on 16 platforms are under development, including "Age of Pirates: Caribbean Tales," "Age of Pirates: Captain Blood," "Ancient Wars: Sparta," "Infernal," and "Xyanide Resurrection," which will be published this year. "World Racing 2," "Knights of the Temple 2" and "Gene Troopers" have been released throughout Europe and will be released in the course of the year in the US.
Playlogic is always looking for additional, high-quality games and acquires products that can be exploited in the complete value chain of digital entertainment products from games at retail to mobile games and digital TV.