SouthPeak Reports Quarterly Sales, Profits Boost

Two Worlds II publisher SouthPeak Interactive has posted financial results for the third quarter of the 2011 fiscal year, noting a significant increase in both revenue and profit for the period ended March 31, 2011. The company cited an increase in units shipped during this fiscal year, while the average revenue per game sold increased by 109 percent to $29.47. A reduction in general and administrative expenses was also noted. The increase in sales was attributed to the launch of Two Worlds II on PlayStation 3 and Xbox 360, while the new-found momentum behind the My Baby franchise also helped bump up sales. For the third quarter, revenues of $16.1 million were reported, compared to $7.5 million in the same quarter last fiscal year. The company noted profits of $3.2 million, up from $200,000 year-over-year. Earlier in the year, SouthPeak settled a pending investigation by the U.S. Securities and Exchange Commission, a settlement the company said would allow it to focus on its business without distraction from the case.