HONG KONG, Nov. 15, 2006 (PRIMEZONE) -- Hong Kong-based Artificial Life, Inc. (OTCBB:ALIF) a leading provider of award-winning mobile technology and applications, today announced its third quarter 2006 results.
Revenues for the quarter ended September 30, 2006 were $189,697 as compared to $37,637 for the quarter ended September 30, 2005. The increase of revenues of $152,060 or 404% for the third quarter of 2006 were mainly due to product license fees recognized for newly signed contracts and revenues derived from mobile operators.
Loss from operations for the quarter ended September 30, 2006 was $531,617 as compared to loss from operations of $331,803 for the quarter ended September 30, 2005. The increase in loss from operations resulted from increased expenses of $351,874 mostly for legal, travel and personnel.
Net income for the quarter ended September 30, 2006 however was $1,475,469 as compared to a loss of $341,321 for the quarter ended September 30, 2005. The change from a net loss to a net income is mainly due to a one time gain of $2,004,000 on the value of derivative liabilities. The basic and diluted net income/(loss) per share for the third quarter of 2006 was $0.05 and $0.04, respectively, as compared to ($0.01) for the quarter ended September 30, 2005.
"We have successfully executed our global roll out and expansion in the third quarter. The recently signed license agreement with CBS Digital Media provides further global business opportunities for us. We will launch more products in Q4 of 2006 in Europe, Asia and the USA concurrently with the release of new products and improved versions of our existing 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.
About Artificial Life
Artificial Life, Inc. (OTCBB:ALIF) is a public U.S. 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 November 15, 2006 and Artificial Life, Inc. undertakes no duty to update this information unless required by law.