Playlogic Revenue and Profits Down

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Playlogic Entertainment, Inc. (Nasdaq OTC: PLGC.OB) today announced financial results for the year ended December 31, 2008.

Net revenues

For the full year 2008, net revenues slightly decreased from $10.1 million in 2007 to $9.0 million in 2008, a decrease of 11%.
This decrease was due to the fact that Playlogic had to postpone several titles from Q4 2008 to first half year of 2009.

Gross profit

Gross profit for 2008 decreased from $5.0 million in 2007 to $3.5 million in 2008, a decrease of 30%.

Operating Loss

Operating loss fell from $0.3 million for the full year 2007 to $9.1 million for the fiscal year 2008.

Net Profit / Loss

The net profit of $0.7 million in 2007 turned in to a loss of $9.5 million in 2008.
This includes a onetime additional impairment on capitalized software of $4.5 million in 2008.

EPS

Earnings per share turned into a loss of $0.22 compared with a profit of $0.03 per share in 2007.
Earnings per share includes a onetime additional impairment on capitalized software of $0.11 per share in 2008.
Loss per share is based on the weighted-average share of common stock outstanding in 2008.

Outlook 2009

Playlogic will publish 12 games on several platforms (28 SKU’s) in 2009 among which the highly expected “Fairytale Fights” (PS3, Xbox 360, PC) in the 4th quarter of 2009, the movie based “They Came From Upstairs” (Wii, DS, PS2, PC) in the 3rd quarter of 2009 and “Infernal” (Xbox 360) in the 2nd quarter of 2009.

Playlogic expects, despite the current economic crisis, to be profitable for the full year 2009.

Net profit for 2009 will be in the range of $5.5 million and $7.5 million, between $0.12 and $0.17 per share.

In : PC

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