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09/10 17:05
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- The Financial Results of Entertainment Games
09/09 12:36
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Retribution paladin:New Updates Released Today
09/10 17:05The Financial Results of Entertainment Games
09/09 12:36Entertainment Games, Inc. EGAM, a developer and publisher of casual motion picture game titles for leading social networks, the PC, motion picture game consoles and the Internet, today released financial results for its fiscal fourth quarter and year ended June 30, 2011.
COMMENTS:
"Our fourth quarter and fiscal year results reflect the daunting problems in your conventional videogame segment of the market," commented Jerry Klein, CEO of enjoyment Games. "While the overall videogame market shows healthy growth, our revenues continue to decline because of continually shifting consumer behavior away from the conventional distribution channels for videogames for the electronic distribution of videogames either on the Internet, social platforms, or mobile devices. This shift underscores the importance of our fourth quarter acquisition of Heyday motion picture game titles and the dramatic change underway as a result; a major signal of this shift was changing our name to enjoyment motion picture game titles to aptly reflect our bold commitment to provide a new form of cross-platform entertainment," Klein said.
"Our mission today is to let people carry out in their 'heyday,'" Klein added. "We will do that by building and publishing innovative social motion picture game titles on the Heyday platform for leading social systems just like Facebook and Google+, mobile devices, and the open web. Our goal is to turn out to be the world's trusted provider of high-quality, fun, easy-to-use social games. To achieve this goal, under the leadership of Gene Mauro, our President and COO, the company has assembled a group of experts in engineering, motion picture game style and design and development, graphics, animation, and music to create a new social motion picture game concept unlike anything on the marketplace today that enables people to experience nostalgic memories with family, friends, or whoever they choose. We plan to release the first chapter in our social motion picture game later this fall, with further motion picture game titles to extend the concept of the original brand into new genres in subsequent releases."
FINANCIAL DISCUSSION:
Fiscal Fourth Quarter ended June 30, 2011:
Net revenues multiplied by $18,000, or 2%, to $758,000 for the fiscal quarter ended June 30, 2011, in comparison with $740,000 for the comparative fiscal quarter a year earlier. This increase in net revenues was traceable to an increase in product revenues partially offset by decreases in licensing and web revenues.
Net loss was $361,000, or $0.03 per diluted share, for the fiscal quarter ended June 30, 2011, in comparison with a net loss of $379,000, or $0.03 per diluted share, for precisely the very same fiscal quarter a year ago. This $18,000 decrease in your quarterly net loss resulted from a $108,000 decrease in operating expenses (traceable to reduced product development expense), which was partially offset by an $83,000 decline in gross profit because of a 12% decrease in your gross profit margin (related to increases in product cost and provision for inventory obsolescence) and a $7,000 increase in interest expense.
Fiscal Year ended June 30, 2011:
Net revenues reduced by $518,000, or 14%, to $3,084,000 for the fiscal year ended June 30, 2011, in comparison with $3,602,000 for fiscal year 2010. This decrease in net revenues resulted from declines in North American product revenues, licensing revenues and web related revenues.
Net loss was $1,157,000, or $0.08 per diluted share, for the fiscal year ended June 30, 2011 in comparison with a net loss of $344,000, or $0.03 per diluted share, for the prior fiscal year. This $813,000 increase in your net loss for the fiscal year ended June 30, 2011 resulted primarily from a $763,000 decrease in gross profit resulting from lower net revenues combined with a 15% decline in gross profit margin. Additionally, the prior year's results benefited from a $47,000 favorable impact from modifications in IRS rules governing net operating loss carry-forwards that grew to be effective throughout fiscal 2010.
Liquidity Condition Update:
At August 31, 2011, the Company had approximately $190,000 in cash, in comparison with $328,000 at June 30, 2011. Considering the Company's net losses for fiscal years 2011, 2010, 2009, 2008, 2007 and 2006, and the fact that it does not currently have access to a credit facility, the Company is continuing to evaluate its options to fund long term operations.
source: www.trendszone.info
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Many New Online Games Have The World of Warcraft Concept
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Albert Einstein |
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Time to have tea!
09/09 20:32All right, Brain, I don't like you and you don't like me - so let
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Homer Simpson |
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09/09 07:38If it was so, it might be; and if it were so,it would be; but as it isn' t, it ain' t. That's logic. |
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