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eGames Announces Preliminary Second Quarter Fiscal 2010 Financial Results(January 21, 2010)
LANGHORNE, Pa., Jan. 21, 2010 (GLOBE NEWSWIRE) -- Casual games publisher and developer eGames, Inc. (Pink Sheets:EGAM), today released preliminary financial results for its fiscal quarter ended December 31, 2009.
For the fiscal quarter ended December 31, 2009, the Company anticipates reporting:
Net revenues in the range of $950,000 to $1,000,000; and
Net income in the range of $150,000 to $200,000.
Fueling revenues and earnings for the quarter were strong sell-through results for the Company’s retail product line during the holiday selling season, led by the Company’s Mystery Legends™: Sleepy Hollow title, in distribution at all major North American retail chains. Sleepy Hollow heads a strong lineup of eGames-branded hidden object and puzzle games which also sold well at major North American retailers during the holidays. Also benefiting the fiscal quarter ended December 31, 2009 was a $150,000 gain related to the asset sale of the Cinemaware game properties, which will be reflected as a reduction in the operating expense section of the Company’s Statement of Operations (due to this sale being related to the asset impairment expense previously reported as an operating expense in the Company’s fiscal 2009 financial results).
“We are excited about the excellent performance of our latest titles at retail during the fiscal quarter ended December 31, 2009,” said Jerry Klein, President and CEO of eGames. “Gaining retail distribution and having top-selling retail titles have given us an opportunity to begin turning around our financial results and build momentum in the mass-market retail environment, while also funding our product development that now focuses on the fastest-growing sector of the casual game market, social networking websites,” Klein said.
The Company anticipates issuing a press release containing its final financial results for the fiscal quarter ended December 31, 2009 on or about February 15th, 2010.
About eGames, Inc.
eGames, Inc., headquartered in Langhorne, Pennsylvania, develops and publishes casual games for the PC, Nintendo DS and Wii, iPhone, and the Internet including The Dracula Files, Burger Island®, Burger Island 2: The Missing Ingredient, Defender of the Crown: Heroes Live Forever®, Purrfect Pet Shop®, and more. Additional information regarding eGames, Inc. can be found at http://www.egames.com.
Forward-Looking Statement Safe Harbor
This press release contains certain forward-looking statements, including without limitation, statements regarding: the anticipated date that the Company will issue a press release containing its final financial results for the quarter ended December 31, 2009; and the development of game titles for social networking websites. eGames cautions readers that the risks and uncertainties that may affect our future results and performance include, but are not limited to: continued overall economic problems in the United States and around the world that negatively affect consumer spending and retail markets; the potential failure of business partners with which we do business, including distributors, retailers, licensees and publishers; delays in the development and release of future titles; inability to fund continued development of future titles; technical and other issues that may delay or halt development of future titles; the failure of new titles to sell well or achieve retail placement; our inability to enter into and maintain commercially successful publishing, licensing and distribution relationships; and an increase in competition; as well as the risks and uncertainties discussed under the heading "Factors Affecting Future Performance" in our Annual Report for the fiscal year ended June 30, 2009 as posted on the Company’s website and on www.pinksheets.com.
iPhone is a trademark of Apple Inc. Nintendo DS and Wii are trademarks of Nintendo. Mystery Legends is a trademark of pixelStorm entertainment studios Inc.
CONTACT: eGames, Inc.
Jerry Klein, President & CEO
(215) 750-6606 (Ext. 118)
Tom Murphy, Vice President & CFO
(215) 750-6606 (Ext. 113)
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