Playlogic Q3 2008 Results Lower Than Expected Due To A Shift In Product Release Dates From Q3/Q4 2008 To Q1 In 2009
Net revenues
For the first nine months, ended
Gross profit
Gross profit for the first nine months of 2008 decreased
Operating result
Operating result for the first nine months of 2008 showed a loss of
Due to a shift in game releases on multiple platforms from Q3/Q4 2008 to Q1 2009 the operating result for the 3rd quarter in 2008 turned from a profit into a loss. These games include titles such as Sudoku Ball(TM) Detective, Vertigo(R), Pool Hall Pro(R), and Age of Pirates 2: City of Abandoned Ships(R) on Wii, DS and PC platforms.
As a precaution in today's economic environment Playlogic is recording an extraordinary impairment for several games. Even though game sales are recession resistant management wants to be conservative by taking this impairment charge until the end of 2008. This extraordinary impairment of
Net Profit/Loss
Net profit for the first nine months of 2008 showed a loss of
EPS
Earnings per share for the first nine months showed a loss of
Outlook 2008
For the full-year 2008 Playlogic expects net revenues in the range of
ABOUT PLAYLOGIC:
Playlogic Entertainment, Inc. is an independent worldwide publisher of entertainment software for consoles, PCs, handhelds, mobile devices, and other digital media. Playlogic distributes its products through all available channels, online and offline. Playlogic, who currently has approximately 95 employees, is listed on Nasdaq OTC under the symbol "PLGC.OB" and is headquartered in
Playlogic's portfolio includes games that are being developed by several teams at the Playlogic Game Factory, as well as games developed by a number of studios throughout the world with approximately 400 people of external development staff. The Playlogic Game Factory also develops first party titles for Sony Computer Entertainment Europe (SCEE).
Playlogic publishes quality games, working with leading technology to produce digital entertainment from concept to finished product. Playlogic plans to publish 20 titles, on several platforms, during 2008.
FORWARD LOOKING STATEMENTS:
This release contains statements about PLAYLOGIC's future expectations, performance, plans, and prospects, as well as assumptions about future events. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, business and economic conditions and trends; fluctuations in operating results; reduced customer demand relative to expectations; competitive factors; and other risk factors listed from time to time in the company's SEC reports. Actual results may differ materially from our expectations as the result of these and other important factors relating to PLAYLOGIC'S business and product development efforts, which are further described in filings with the Securities and Exchange Commission. These filings can be obtained from the SEC's website located at www.sec.gov. Any forward-looking statements are based on information available to PLAYLOGIC on the date of this release, and PLAYLOGIC assumes no obligation to update such statements.
FOR MORE INFORMATION Playlogic International Robert A. Van Duivenbode Corporate IR/PR Officer T: +31 20 676 03 04 M: +31 6 53 53 00 10 E: rvanduivenbode@playlogicint.com
For further information about Playlogic, the games she publishes and develops, artwork and press information, please visit our press section on www.playlogicgames.com
SOURCE Playlogic Entertainment, Inc.