James Lee
14:37 (BST)
07/10/2008
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SouthPeak revenues up 220%
SouthPeak Interactive has released its financial results for the fiscal year ended June 30, reporting increased revenues of 220 per cent.
The company saw its revenues rise to USD 40.2 million from USD 12.5 million for the previous year. Earnings before interest, taxes, depreciation and amortisation, adjusted for one-time transaction costs, increased to USD 4.5 million from a loss of USD 700,000.
"The 2008 fiscal year was an exciting period for us. We rapidly grew our business and completed a going public transaction and an institutional financing," said Terry Phillips, chairman.
"Our financial results were driven by strong market demand for our products and the continued expansion of our product portfolio. Our results underscore the scalability of our business model, as illustrated by the decrease in our G&A expenses as a percentage of our net revenues to 9.5 per cent as compared to 18.2 per cent in the year-earlier period."
Earlier this year, SouthPeak merged with Global Services Partners Acquisition Corporation and became a publicly-held company.
Melanie Mroz, CEO, added, "In the past year, we have built a strong product line for next generation hardware platforms, including solid franchises, like Two Worlds, that provide us with sequel opportunities. We plan to expand our portfolio in fiscal 2009 with the addition of several new IPs, including Ninjatown, X-Blades, My Baby and Two Worlds: The Temptation. With our strong stable of independent developers throughout the world, we are poised to more than double our titles next year."
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