Glu Mobile (NASDAQ:GLUU)
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Glu Mobile Inc. (NASDAQ:GLUU), a leading global publisher of mobile
games, today announced preliminary results for the third quarter ended
September 30, 2008. Based on current information, the Company expects to
report revenues slightly below the Company’s
guidance provided on August 5, 2008. As a result of the lower than
expected revenues, as well as unrealized foreign exchange losses, and
possible impairments to goodwill and prepaid royalties, the Company
expects to report earnings on both a GAAP and non-GAAP basis below its
August 5, 2008 guidance for the third quarter, including a small
non-GAAP operating loss. Glu plans to release final third quarter
results and host a conference call on November 4, 2008.
“We continued to see headwinds in our North
American sales driven by lower consumer spending and slower growth in
new mobile handset sales,” said Greg Ballard,
president and chief executive officer, Glu. “Despite
these challenges, we are optimistic about the opportunities we see in
2009 and beyond, as the recent launch of the new iPhone, the debut of
the Android platform and Nokia’s N-Gage
initiative have demonstrated the market’s
enthusiasm for new high-end platforms. We believe the market for
high-end handsets will grow significantly in 2009, and we are spending
an increasing share of our development expenses on titles for high-end
handsets. We will bring the majority of our titles currently planned for
launch in 2009 to high-end devices, such as the iPhone, N-Gage and
Android, as we continue to support Java, BREW and existing smart phones.”
“Given the current realities in our market, we
are focused on efficiently managing our expenses and effectively
investing our capital where we believe it will most benefit our future
growth,” said Eric Ludwig, chief financial
officer, Glu.
About Glu
Glu (NASDAQ:GLUU) is a leading global publisher of mobile games. Its
portfolio of top-rated games includes original titles Super K.O.
Boxing!, Stranded and Brain Genius, and titles based on major brands
from partners including Atari, Activision, Konami, Harrah's, Hasbro,
Warner Bros., Microsoft, PlayFirst, PopCap Games, SEGA and Sony. Founded
in 2001, Glu is based in San Mateo, Calif. and has offices in London,
France, Germany, Spain, Italy, Sweden, Poland, Russia, China, Brazil,
Chile, Canada and Mexico. Consumers can find high-quality, fresh
entertainment created exclusively for their mobile phones wherever they
see the 'g' character logo or at www.glu.com.
Cautions Regarding Forward Looking Statements
This news release contains forward-looking statements, including those
regarding our expectations for our revenues, our GAAP and non-GAAP
earnings and our non-GAAP operating loss for the quarter ended September
30, 2008; our anticipation of unrealized foreign exchange losses, and
possible impairments to goodwill and prepaid royalties for the quarter
ended September 30, 2008; our expectations regarding the opportunities
we see in 2009 and beyond, as a result of the recent launch of the
iPhone, the debut of the Android platform and the N-Gage initiative have
demonstrated the market’s enthusiasm for new
high-end platforms; our belief that the market for high-end handsets
will grow significantly in 2009; our expectation that we will bring the
majority of our titles currently planned for launch in 2009 to high-end
devices, such as the iPhone, N-Gage and Android, as we continue to
support Java, BREW and existing smart phones and our intent to
efficiently manage our expenses and effectively invest our capital where
we believe it will most benefit our future growth. These forward-looking
statements are subject to material risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. Investors should consider important risk
factors, which include: the risk that our revenues for the third quarter
ended September 30, 2008, as finally determined, may be lower than
currently expected due to, among other reasons, the timing of our
receipt of sales reports from certain of our carriers and the potential
impact on our ability to recognize revenue in the quarter, and the
possibility that the volume or average selling price of games sold
during the quarter may be lower than we currently anticipate; the risk
that the negative impact from unrealized foreign exchange losses and
possible impairments to goodwill and prepaid royalties for the quarter
may be greater than we anticipate; the risk that our 2009 title plan
roadmap, including for high-end platforms, may be less successful than
we anticipate or that we will not release the titles on the schedule
that we currently anticipate or at all; the risk that the market for
high-end handsets does not grow as significantly in 2009 as we
anticipate; the risk that our development expenses for games for
high-end handsets are greater than we anticipate; the risk that we may
be unable to efficiently manage our expenses and effectively invest our
capital where it will most benefit our future growth; the risk that our
recently and newly launched games are less popular than we anticipate;
the risk that our newly released games and games that are to be
developed are of a quality less than desired by reviewers and consumers;
the risk that the mobile games market is smaller than anticipated; and
other risks detailed under the caption ”Risk
Factors” in the Form 10-Q filed with the
Securities and Exchange Commission on August 14, 2008. Glu is under no
obligation, and expressly disclaims any obligation, to update or alter
its forward-looking statements whether as a result of new information,
future events or otherwise.
GLU MOBILE, GLU, SUPER K.O. BOXING, STRANDED, BRAIN GENIUS and the 'g'
character logo are trademarks of Glu Mobile Inc. All other trademarks
are the property of their respective owners.