HONG KONG, Aug. 14, 2006 (PRIMEZONE) -- Hong Kong based Artificial Life, Inc. (OTCBB:ALIF), a leading provider of award winning mobile technology and applications, today announced its second quarter 2006 results.
Revenues for the quarter ended June 30, 2006 were $221,532 as compared to $81,579 for the quarter ended June 30, 2005. The increase of revenues of $139,953 or 172% for the second quarter of 2006 was mainly due to product license fees recognized for newly signed contracts and revenues derived from mobile operators.
Loss from operations for the quarter ended June 30, 2006 was $450,516 as compared to loss from operations of $321,584 for the quarter ended June 30, 2005. The increase in loss from operations resulted from increased expenses of $268,885.
Net income for the quarter ended June 30, 2006 however was $705,203 as compared to a loss of $328,915 for the quarter ended June 30, 2005. The change from a net loss to a net income is mainly due to an increase of revenues in the second quarter and a gain of $1,155,000 on the value of derivative liabilities. The basic and diluted net income/(loss) per share for the second quarter of 2006 was $0.02 as compared to ($0.01) for the quarter ended June 30, 2005.
The Company also announced that it plans to release several new mobile products in the coming weeks.
"We have successfully continued our global roll out and expansion in the second quarter and are now targeting even more installations in East and West Europe and the USA as well as the release of several new leading edge mobile 3G and 2.5G products. We are also in the process of expanding our co-operation with several major media companies," said Eberhard Schoeneburg, CEO of Artificial Life, Inc.
The Company also announced that it has extended and renewed the contract with its Chairman and CEO, Eberhard Schoeneburg, until December 31, 2009.
About Artificial Life
Artificial Life, Inc. (OTCBB:ALIF) is a public US corporation headquartered in Hong Kong and a leading global provider of award winning mobile technology, content, games and applications (www.artificial-life.com ; www.v-girl.com ; www.virtual-boys.com; www.v-disco.com ; www.v-penguins.com ; www.botme.com).
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Artificial Life, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the "Risk Factors" described in the Company's Annual Report or Forms 10-K, 10-K(SB) or 10-Q(SB) for the recent fiscal years. All information set forth in this press release is as of August 14, 2006 and Artificial Life, Inc. undertakes no duty to update this information unless required by law.