Jamdat announces positive third quarter results
Blue Lava acquisition sparks massive revenue boost
Mobile game publisher and developer Jamdat has revealed its financial results for the third quarter of 2005, showing an astonishing 113 per cent increase in revenue compared to the same period in 2004.
Revenue was posted at USD 20.2 million, with a net profit of USD 1.4 million, compared to just USD 8000 in the same quarter in 2004. A substantial contribution to the company's revenue growth comes from its acquisition of Honolulu-based developer Blue Lava Wireless, the terms of which grant Jamdat the rights to create and publish Tetris games worldwide over a 15 year period. The company released new Tetris games in Europe, Korea, South America and Japan following the acquisition.
In addition, the August release of Downtown Texas Hold 'Em in Europe bolstered the coffers, and the game swiftly became a number one best seller in the UK. Jamdat's Sports NFL 2006, launched in conjunction with the latest NFL season has also proven to be a successful revenue generator for the company, whilst DOOM RPG and SOCOM: U.S. Navy SEALs Mobile Recon are the most important titles for Jamdat as the holiday season approaches.
Mitch Lasky, CEO for Jamdat commented on the results, stating: "We are pleased with our third quarter results, as we continued to experience very strong year-over-year growth. As we enter the important holiday selling season, we look forward to expanding the distribution of our most popular brands and bringing many new and exciting titles to wireless gamers around the world for the first time."
"Initial customer response to our newest releases, DOOM RPG and SOCOM: US Navy SEALs Mobile Recon has been extremely positive. With our current and upcoming product offerings, we are very optimistic about the business as we move into 2006."
Looking ahead, Jamdat expects earnings of approximately USD 78 million-80 million for the full 2005 fiscal year, with adjusted net income of approximately USD 0.80 to USD 0.84 per diluted share. For the full fiscal year ending 31st December 2006, Jamdat forecasts revenues of approximately USD 120 million.