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Conspiracy Entertainment Reports Financial Results for Q2 2008
(Wireless News Via Acquire Media NewsEdge)
Conspiracy Entertainment, a developer, publisher and marketer of
interactive entertainment software in North America and Western Europe,
announced its financial results for the second quarter ended June 30.
According to the company, revenues for the three months ended June 30,
increased 85 percent to $1,518,992 compared to $819,330 for the three
months ended June 30, 2007. Net operating income was $139,459 in the
second quarter of 2008 compared to $87,479 in the second quarter of
2007. Net income (loss) was $3,012,317, or $0.01 per diluted share, for
the three months ended June 30, compared to $(418,023), or $(0.01) per
diluted share, for the three months ended June 30, 2007. The increase
in profitability was primarily due to a gain on the valuation of a
derivative liability in the amount of $2,846,864 in the second quarter
of 2008 compared to a loss of $425,965 for the three months ended June
30, 2007.
"Strong revenue growth in the second quarter of 2008 was primarily from
our release of the flat fee title 'Garfield-World Lasagna Tour' and
substantial reorders for 'Winter Sports' for the Wii," said Sirus
Ahmadi, president of Conspiracy Entertainment. "The second quarter also
strengthened our video game distribution and publishing agreements. We
signed a deal with dtp entertainment of Germany to bring 'Summer
Athletics' onto multiple gaming platforms in the third quarter. In
addition, we expanded our existing relationship with leading European
video games publisher, RTL games, by securing multiple new titles for
distribution, sales and marketing in the US and Canada later this year."
Revenues for the six months ended June 30, were $4,759,858, an increase
of 480 percent, compared to $819,330 for the six months ended June 30,
2007. For the six months ended June 30, Conspiracy reported net
operating income (loss) of $247,498 compared to $(85,461) in the six
months ended June 30, 2007. During the six months ended June 30, and
2007, the gain (loss) on the valuation of derivative liability was
($4,669,052) and $370,866 (as restated), respectively. As a result,
Conspiracy reported a net income (loss) of $(4,472,637), or $(0.09) per
diluted share, for the six months ended June 30, compared to net income
of $106,184, or $0.00 per diluted share, for the six months ended June
30, 2007, the company said.
"Despite having to report a substantial loss in the valuation of
derivative liability for the first six months of 2008, we achieved
positive net income from operations compared to a net loss one year
ago. Any weakening in the US economy is being offset by our ability to
source titles from leading European developers. Our relationships
overseas enable us to bring popular, next-gen gaming titles for
distribution and marketing in established retail channels in North
America and Mexico. With several titles slated for release in 2008, our
sales momentum and net operating income should continue to show
accelerated improvement through the second half of 2008," said Keith
Tanaka, CFO of Conspiracy Entertainment.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
((Distributed on behalf of 10Meters via M2 Communications Ltd -
http://www.m2.com))
((10Meters - http://www.10meters.com))
Copyright ? 2008 Wireless News
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