SAN FRANCISCO, July 19, 2010 (GLOBE NEWSWIRE) -- Amico Games Corp. (OTCBB:AMCG), an information technology company specializing in developing and operating cell phone multiplayer networked games, today announced its results for the third quarter and nine months ended May 31, 2010.
Key Financial Highlights
- Revenues for the three months ending May 31, 2010 were $501,550, up 54.7%, from $324,249 for the same period last year. Revenue for the nine months ended May 31, 2010 were $1.4 million, up 64.3% from $0.9 million for the same period in 2009.
- Net income was $220,029 for the quarter ended May 31, 2010, up $184,106 or 512.5% from $35,923 for the same period in 2009. Net income for the nine months ended May 31, 2010 increased by 775% to $215,665 from the same period in 2009.
"We are pleased with our nine month financial performance supported by our substantially increased subscriber base," said Mr. Peter Liu, the President and CEO of AMCG. "During the third quarter of 2010, our value-added products anchored a larger user base, and we believe our financial resources will enable us to continue executing our growth plan. I have the confidence that we will have an even better performance after the launch of our self-operated game portal, E-Ge-Ge, in August 2010."
Of the US$1,427,152 in revenue for the three months ended May 31, 2010, approximately US$829,809 (or 58%) was generated from the mobile game Miracle Journey to the West, and $508,846 (or 36%) from the game Journey to the West Online.
Full details of AMCG's financial performance during the quarter and nine months ending May 31, 2010 can be found in the company's Quarterly Report, on Form 10-Q, filed with the SEC on July 15, 2010.
Business Outlook
The company plans to expand its operations by developing additional game platforms under its independent control:
- Self-Operation Game Platform. AMCG has established a development team to develop its own game operation platform in 2009. The self-operation platform is expected to allow AMCG to directly distribute and operate its mobile phone games, as well as provide payment channels to game users for payment. The game portal E-Ge-Ge is expected to launch in August 2010.
- 3G Game Platform. AMCG plans to develop a 3G game platform by cooperating with Chinese telecommunication operators. Since 2009, China Telecom and China Unicom, the largest two Chinese telecommunication operators, have been popularizing the 3G mobile network and promoting the popularity of 3G mobile phones in China. AMCG has developed applications for the 3G network and are now in negotiations with China Telecom and China Unicom to distribute our mobile games in their 3G mobiles.
About Amico Games Corp.
Amico Games Corp. is a software company specializing in developing mobile phone games for the Chinese market. On December 31, 2009, Amico acquired Galaxy Software Limited, a Chinese private-owned company incorporated in November 2001. Galaxy is one of the earliest mobile phone, multiplayer game developers in China, as well as one of the first Chinese companies to develop and operate Java™ MMRPOG (massive multiplayer role playing online games) mobile phone games. It is also the first company to provide multiplayer games over the WAP platform of China Mobile, the world's largest mobile phone provider based upon subscribers. Further information on the Company can be found at www.sec.gov and at the company's website at www.amicogames.com.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Amico or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements including statements regarding anticipated business developments and revenue or income trends, as a result of certain factors such as the level of business and consumer spending, the amount of sales of Amico's products, the competitive environment within the industry, the ability of Amico to continue to expand its operations, the level of costs incurred in connection with Amico's expansion efforts, economic conditions in the industry and the financial strength of Amico's customers and suppliers. Amico does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.