Playlogic Sees First Time Full Year Profits, Doubles Sales

Publisher Playlogic Entertainment has announced its financial results for fiscal year 2007, reporting net revenues of $10.1 million, a doubling of revenues over the year prior. Playlogic attributes the growth primarily to a higher number of published titles and higher sales per unit, also adding that profits for the year reached $0.7 million, compared to losses of $12.5 million the year prior. Currently, the company says its in-house studio, Playlogic Game Factory, has extended its first-party contracts with Sony Computer Entertainment Europe on undisclosed projects. Additionally, Playlogic plans to move to a new headquarters in Amsterdam in May, and will shift its focus to a higher ratio of console versus PC titles. Its Q1 2008 releases include Xyanide Resurrection PC, Dragon Hunters DS, Simon the Sorcerer 4-Chaos Happens, Obscure 2 for the Wii, and Aggression–Reign over Europe. Playlogic CEO Willem Smit commented, "For the first time since we started in 2002, Playlogic has realized profit for a full year. We are very pleased about this achievement and we expect this to be a turning-point towards further growth of revenues and profit. It is also an important milestone for all our shareholders and investors who put their trust and money in our company over the past years."