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In a release dated November 3, the company stated:
- For the quarter ended September 30, Glu reported revenues of $19.6 million compared to $23.9 million in the third quarter of 2008. GAAP loss from operations and net loss were $(2.8) million and $(4.0) million, respectively, compared to GAAP loss from operations and net loss of $(54.2) million and $(56.9) million, respectively, in the third quarter of 2008. GAAP loss per basic share was $(0.13) for the quarter ended September 30, 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.
- For the quarter ended September 30, non-GAAP income from operations, which excludes stock-based compensation expense, amortization of intangibles arising from business combinations, transitional expenses, goodwill impairments, restructuring charges and MIG earnout expenses, was $300,000, compared to a loss of $(1.0) million in the same period last year. Non-GAAP net loss, which includes foreign currency exchange gains and losses primarily related to the revaluation of assets and liabilities, was $(889,000) for the quarter ended September 30, compared to a non-GAAP net loss of $(1.7) million in the same period last year. Non-GAAP basic loss per share was $(0.03) for the quarter ended September 30, compared to a non-GAAP basic loss per share of $(0.06) in the same period last year.
- 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.
"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."
- The company ended the quarter with a cash and cash equivalents balance of $9.9 million, and had $4.1 million outstanding on its line of credit. The company has successfully fulfilled its fiscal 2009 obligations with respect to the promissory notes issued to the former shareholders of MIG.
"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."
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