Investor Relations Archive (2005 - 2010)
Funcom's First Quarter Financial Report For 2009
Published on (2009-05-15 00:00:00)
Subscriber retention improving in Age of Conan -EBITDA for Q1 2009 amounting to 2,898 TUSD
Funcom N.V.'s revenues amounted to 7,725 TUSD in Q1 2009 (up from 963 TUSD in Q1 2008).
EBITDA for Q1 2009 ended at 2,898 TUSD (up from - 2,553 TUSD in Q1 2008), while EBIT amounted to 1,439 TUSD (compared to -2,953 TUSD in Q1 2008)
Revenues and EBIT was positively impacted by a revaluation of expected returns on box sales and a recalculation of royalty of 800 TUSD relating to sales in Q2 and Q3 2008 performed by the publisher in Q109.
"The positive indications on subscriber retention from January 2009 has been reinforced and strengthened in the following months for the Age of Conan game." says CEO Trond Arne Aas.
The Company's financial position remains strong, with close to 40 Million USD in cash as of 31 March, 2009. The cash position improved slightly during Q109 and was impacted by payment from Neowiz, Funcom's Korean partner for the Age of Conan game, and received royalty for box sales.
The Company has a defined investment program and considers the financial resources to be sufficient to complete and launch the MMOs in development. The strong potential for The Secret World, Funcom's upcoming MMO was confirmed by the broad and positive positive coverage and feedback from both world gaming press and gamer communities after the game reveal on 7 April.
Please see the attached quarterly report for more detailed accounting information. Funcom's first quarter financial report for 2009 can also be downloaded from the company's website, under the page 'Investor Relations'.
Any enquiries may be addressed to:
Trond Arne Aas, CEO. Tel: + 47 22 92 59 00
15 May, 2009