SouthPeak reports $1.3m loss
Company cites release schedule and costs incurred in going public as partial cause
SouthPeak Interactive has announced its financial results for the quarter ended September 30, reporting a loss of USD 1.3 million.
The results, covering a three month period, showed revenues of USD 8.4 million, down from revenues of USD 18.3 million for the same quarter last year. The USD 1.3 million loss is considerably down from the USD 3.5 million in income for the same period the previous year.
The company cites its release schedule as the cause of its fluctuating results, pointing out that second fiscal quarter of last year saw the release of it's Two Worlds title. SouthPeak further pointed out that in incurred increased expenses related going public earlier this year.
"This year's first fiscal quarter has positioned us to have our best holiday pipeline to date and an outstanding second fiscal quarter," Terry Phillips, chairman of SouthPeak.
"Moreover, we expect our annual results for the fiscal year ending June 30, 2009 to dramatically exceed our fiscal 2008 annual results of USD 40.5 million in revenue and EBITDA, as adjusted, of USD 4.5 million."
SouthPeak's CEO, Melanie Mroz, added: "During our second fiscal quarter, we are launching Legendary, My Baby Boy, My Baby Girl, Ninjatown and Mushroom Men. We built a great deal of momentum coming into our current quarter."
"We are very excited by the strong retail response to our titles and we look forward to having the best holiday season in our history."