Playlogic Q1 Sales Edge Up 12% To $4 Million

Amsterdam-based publisher Playlogic Entertainment, Inc. has announced its financial results for the first quarter of 2008, reporting a net revenue increase of $4 million, a 12% rise from the $3.5 million reported in the same period the previous year. Previously, the company reported its first full year profit, doubling its sales from the previous year to $10.1 million in the fiscal 2007 year. Playlogic attributed the rise in first quarter sales to its first-party relationship with Sony Computer Entertainment Europe and new titles released on Wii, DS, PS2 and PC, which include Xyanide Resurrection PC, Dragon Hunters DS, Simon the Sorcerer 4 - Chaos Happens, and Aggression–Reign. The company’s profits for the quarter dropped from $0.8 million in the same period the previous year to $0.7 million. Playlogic blamed the decrease on Obscure II missing the first quarter window - it is now shipping in the first week of Q2 2008. Playlogic expects the same or higher net revenues and profits for the second quarter, pointing to marketing investments that will ensure the publisher’s worldwide visibility and increased unit sales. Said Playlogic CEO Willem M. Smit: “The profit for Q1 2008 demonstrates that we are on track with previously announced expected results. Playlogic has anticipated timely on market trends and has diversified its publishing portfolio further with new titles on multiple platforms. The publishing line up shifted towards increased number of titles published on console platforms as the installed base continues to grow.”