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SouthPeak revenues climb 76 per cent

By James Lee

Wed 18 Feb 2009 2:17pm GMT / 9:17am EST / 6:17am PST

Strong sales strategy throughout difficult Christmas period credited for growth

SouthPeak Interactive has announced its financial results for the quarter ended December 31, showing a jump in revenues of 76 per cent.

For the three month period, SouthPeak saw revenues of USD 17.3 million as compared to USD 4.2 million for the comparable quarter in 2007.

The publisher's net income was up to USD 1.2 million, or a profit per diluted share of USD 0.02, compared to USD 281,000 or USD 0.001 per share, in the same period the previous year.

"We are very pleased with our solid financial results for the quarter," said Terry Phillips, chairman of SouthPeak. "We attribute the strong financial results to our diversified portfolio, tightly managed costs, and strict supervision of the retail channel and field inventory levels."

"These results were accomplished in a difficult retail environment, and included a charge for bad debt relating to Circuit City and Pinnacle for approximately USD 534,000 dollars. We remain poised for strong growth and remain cautiously optimistic about the overall retail environment for our products."

Melanie Mroz, CEO, added, "We were pleased to have delivered our most diversified multi-platform portfolio to the marketplace this holiday season. This allowed us to maximise sales across a very broad consumer demographic."

"In particular, we had overwhelming demand for My Baby, which exceeded our expectations and was one of the best selling Nintendo DS titles this holiday season. Overall, we are pleased with the outcome of the quarter and believe we have positioned certain titles to continue strong sales through the balance of our fiscal year."

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