LANGHORNE, Pa., May 6, 2009 (GLOBE NEWSWIRE) -- eGames, Inc. (Pink Sheets:EGAM), a developer and publisher of games for the PC, game consoles and the Internet, today released preliminary financial results for its fiscal 2009 third quarter. Based on available information, eGames currently anticipates that for the three months ended March 31, 2009 it will report net revenues between $850,000 and $900,000 and a net loss between $200,000 and $250,000. Additionally, the Company anticipates negative working capital (current liabilities exceeding current assets) of approximately $100,000 as of March 31, 2009. The Company will issue a press release with final financial results for its fiscal 2009 third quarter on or about May 20th, 2009.
Comments:
"We were able to minimize our net loss during the current quarter by focusing our resources on our strongest product development projects, while entering into publishing and licensing agreements intended to expand our current game portfolio and presence onto consoles platforms, Internet game portals and at retail," said Jerry Klein, President and CEO. "We are confident that this strategy will give us the best opportunity to produce the results we have been working towards, which at this time focuses on increasing revenues, returning to profitability, and achieving positive cash flows. We currently believe that our cash balance is adequate to execute our business plan for the foreseeable future and we remain debt free," he commented.
About eGames, Inc.
eGames, Inc., headquartered in Langhorne, Pennsylvania, develops and publishes games for the PC, game consoles and the Internet which include the eGames(tm), Cinemaware(r) and Cinemaware Marquee(r) brands. Additional information regarding eGames, Inc. can be found at http://www.egames.com.
Accessing Our Financial Information
Shareholders have three ways to access our financial and other information: by going to the Investor Relations page of the eGames website at www.egames.com, where shareholders can access our annual reports for fiscal 2008 and 2007, as well as press releases containing quarterly financial information for fiscal 2009, 2008 and 2007; by going to the Pink Sheets website at www.pinksheets.com and typing in our symbol "EGAM"; or by requesting a paper copy of financial information by contacting us by mail at eGames, Inc., 2000 Cabot Boulevard West, Suite 110, Langhorne, Pennsylvania 19047 to the attention of the Chief Financial Officer. Shareholders can also be placed on a list to receive press releases, as they are issued, via email by going to the following link on the eGames investor relations webpage: http://www.egamesonline.com/egames/investors/alert.asp.
Forward-Looking Statement Safe Harbor
This press release contains certain forward-looking statements, including without limitation, statements regarding our financial results for the quarter ended March 31, 2009, the date our final quarterly earnings results will be released, the potential for publishing and licensing agreements entered into during the quarter to expand our portfolio and presence on other platforms, and our expectations regarding future profitability, revenues and cash flows. eGames cautions readers that the risks and uncertainties that may affect our future results and performance include, but are not limited to: continued overall economic problems in the United States and around the world that negatively affect consumer spending and retail markets; the potential failure of business partners with which we do business, including distributors, retailers, licensees and publishers; delays in the development and release of future titles; inability to fund continued development of future titles; technical and other issues that may delay or halt development of future titles; the failure of new titles to sell well or achieve retail placement; our inability to enter into and maintain commercially successful publishing, licensing and distribution relationships; and an increase in competition; as well as the risks and uncertainties discussed under the heading "Factors Affecting Future Performance" in our Annual Report for the fiscal year ended June 30, 2008 as posted on the Company's website and on www.pinksheets.com.