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WirelessDevNet.com Press Release
Gameloft revises upwards its 2003 and 2004 estimates
Paris, October 15, 2003
2003 half-year results
Following the close of its first half-year accounts on June 30, 2003, Gameloft reported the following figures:
In millions of euros HY1 2003 HY1 2002 1
Revenues 3.3 1.1
Net operating profit/loss (0.2) (3.7)
Net financial income/expense 1.5 0.3
Net extraordinary income/expense 0.4 (0.2)
Net profit/loss (group share) 1.6 (3.5)
1 Pro forma unaudited results on a comparable year-to-year and scope of activity basis
The outstanding growth in revenues in the first six months of 2003 resulted in a significant increase in net operating profit, which totaled -0.2 million euros compared to -3.7 million euros in 2002. This better-than-expected performance enables the company to forecast a net operating profit of 0.2 million euros for 2003 as a whole.
The 1.5 million euro financial income consists mainly of capital gains from the sale of the company’s short-term investment securities. The 0.4 million euro net extraordinary income is primarily the result of write-backs of provisions. Net profit for the first half of the year was 1.6 million euros, up sharply compared to 2002.
Greatly improved financial position
The company also underscored the fact that the sale last September 11 of all its treasury shares allowed it to:
- move its shareholders’ equity back to the plus side on September 30, 2003;
- reduce its debt substantially to just 2.9 million euros as of September 30, 2003 vs. 11.0 million in December 2002.
2003 and 2004 forecasts revised upwards
With more than 50 telecom operators distributing its games in nearly 30 countries around the world, Gameloft has established itself as the world leader in mobile games and is in a perfect position to benefit from the increase in the installed base of Java telephones, which is expected to reach one billion units in 2007 .
This worldwide distribution, together with a game catalog that is a resounding favorite among consumers, has enabled the company to record strong growth since the beginning of the year and has led Gameloft to revise upwards its sales and profit estimates for 2003 and 2004:
- Gameloft now forecasts revenues of 8 million euros in 2003 and 14 million euros in 2004. The sales targets originally announced by the company were 5.5 and 10.0 million euros for 2003 and 2004, respectively.
- Gameloft, which had been counting on just reaching breakeven in 2003, now expects to post a net profit of 1.8 million euros this year. The company, which had not made any predictions regarding its 2004 net profit, now estimates a net profit of approximately 3 million euros in 2004.
Third quarter revenues for 2003 will be published on October 28, 2003.
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