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Conspiracy Sees Revenues, Income Grow
by David Jenkins [PC, Console/PC, Mobile Console]
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May 21, 2008
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Officials from Santa Monica based publisher and developer Conspiracy Entertainment have announced details of the company’s first quarter financial results, for the three months ended March 31st. During this period revenues for the firm passed the $3 million mark.
The company released five new titles during its first quarter of 2008 and received re-orders for titles released in the second half of 2007. By comparison no titles were released at the same time in 2007, although one was delayed until the second quarter at the request of the distributor.
On a purely operational basis, Conspiracy saw profits up by over $275,000 in its first quarter to $172,940, up from losses of $108,038 the year prior. However, because of a recalculation of its derivative liability -- a reflection of an increase in share price, explained the release -- expenses of $7,515,916 were added, resulting in an overall loss of $7,484,955.
"We are focused on bringing to market family-oriented, classic arcade and licensed cartoon titles to serve the rapidly growing casual gaming market. New titles released in the first quarter were Best of Tests, Biathlon, Cocoto Magic Circus, and Octomania in the U.S. and Counterforce in Europe,” said company president Sirus Ahmadi.
"Despite an increase in staff, professional fees and SG&A expenses to support the release of five titles in the first quarter, we achieved operational profitability,” added chief financial officer said Keith Tanaka. "We remain very optimistic that sales momentum will continue to improve our operational income and profitability as we execute on several new product development and distribution agreements in the second quarter of 2008."
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