CHARLOTTE, N.C., Nov. 14, 2008 (GLOBE NEWSWIRE) -- Syzygy Entertainment, Inc. (OTCBB:SYZG) today reported financial results for the third quarter ended September 30, 2008.
Net revenue for the third quarter of 2008 increased 82.9% to $1,369,879 compared to $748,989 in the third quarter of 2007. The Company reported income of $225,165, or $0.01 per share, compared to a net loss of $396,011, or a net loss of ($0.01) per share, in the same period last year. The increased third quarter 2008 financial performance can be attributed to live gaming which commenced February 8, 2008. Additionally, due to the change in the gaming license classification, the government gaming tax rate has been substantially reduced, which directly contributed to the increase in net income for the quarter.
Revenues, principally from gaming, amounted to $3,351,823 during the nine months ended September 30, 2008, as compared to $2,275,904 in the prior year period, representing an increase of 47%. Net income for nine months ended September 30, 2008 was $617,862, or $0.02 per share compared to a net loss of $1,153,999, or a net loss of ($0.03) per share. The increase in revenues can be attributed to the introduction of live gaming and operating as a full line casino beginning February 8, 2008.
According to Chief Executive Officer, Sean Sullivan, "We are extremely pleased with our operating results for the third quarter 2008. We are encouraged by the fact that we posted strong numbers despite this being historically one of our slower quarters and in fact, being closed briefly during the quarter due to hurricanes. Additionally, during the second quarter of this year, the Company raised approximately one million dollars from an institutional investor. These funds are being utilized to expand the casino which will effectively triple the size of the current gaming operations. The expansion is expected to be completed during the current quarter. As we approach our high season and complete the expansion of the casino operations, we are optimistic we can post even stronger financial results in the coming quarters."
The complete third quarter report, including management's discussion and analysis, financial statements, and notes can be found on the Securities Exchange Commission's website at www.sec.gov.
About Syzygy Entertainment, Inc.
Syzygy Entertainment is a holding company which is presently focusing its efforts on developing gaming and entertainment properties throughout the Caribbean. It currently owns and operates through its subsidiary, Rounders, Ltd., "The Players Club," a gaming club located on Turtle Cove, Providenciales, Turks & Caicos Islands (www.theplayersclub.tc).
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, gaming junket operators, and other factors detailed in the reports filed by Syzygy Entertainment Inc. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Syzygy Entertainment assumes no obligation to update such information.