Glu Mobile, Inc. Presents at The 14th Annual Wedbush California Dreamin' Consumer Conference: The New York Edition, Dec-10-2013 08:00 AM
Nov 26 13
Glu Mobile, Inc. Presents at The 14th Annual Wedbush California Dreamin' Consumer Conference: The New York Edition, Dec-10-2013 08:00 AM. Venue: Le Parker Meridien Hotel, New York, New York, United States. Speakers: Eric R. Ludwig, Chief Financial Officer and Executive Vice President.
Glu Mobile to Partner with Kim Kardashian for Celebrity Lifestyle Game
Nov 18 13
Glu Mobile Inc. announced the company will partner with Kim Kardashian on the development of a new game that will include her likeness and voice. The title will allow players to navigate themselves into a successful Hollywood lifestyle with Kardashian as their celebrity mentor. Kardashian's character will provide players with fashion tips and career advice as they work to realize all of their celebrity aspirations. Scheduled for release in late Spring 2014, Glu anticipates that the game will launch on iOS and Android in global markets.
Glu Mobile, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Revises Earnings Guidance for the Fourth Quarter and Full Year of Fiscal Year Ending December 31, 2013 and Provides Earnings Guidance Full Year Ending December 31, 2014; Reports Impairments for the Third Quarter of 2013
Oct 30 13
Glu Mobile, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported revenues were $21.72 million against $26.1 million a year ago. Loss from operations was $7.84 million against $4.18 million a year ago. Loss before provision for income taxes was $8 million against $4.64 million a year ago. Net loss was $7.97 million or $0.11 basic and diluted loss per share against $3.56 million or $0.06 basic and diluted loss per share a year ago. Non-GAAP revenue was $22.61 million against $25.88 million a year ago. Non-GAAP operating loss was $4.77 million against $2.69 million a year ago. Non-GAAP net loss was $4.74 million against $1.61 million a year ago. Non-GAAP basic and diluted net loss per share was $0.07 against $0.03 a year ago. Non-GAAP adjusted LBITDA was $4.14 million against $2.14 million a year ago. Cash flows used in operations were $5.9 million for the third quarter of 2013 compared to cash flows used in operations of $2.6 million for the third quarter of 2012.
For the nine months, the company reported revenues were $70.77 million against $81.87 million a year ago. Loss from operations was $19.29 million against $15.43 million a year ago. Loss before provision for income taxes was $19.15 million against $16.05 million a year ago. Net loss was $16.39 million or $0.24 basic and diluted loss per share against $13.39 million or $0.21 basic and diluted loss per share a year ago.
As a result of title's momentum, the company now expects record top line non-GAAP revenue and adjusted EBITDA profitability in the fourth quarter of 2013. The company announced that for the fourth quarter ending December 31, 2013, non-GAAP revenues are expected to be between $31.5 million and $32.5 million. This is an increase to prior fourth quarter total non-GAAP revenue guidance of $29.7 million. Non-GAAP smartphone revenues are expected to be between $30.8 million and $31.8 million. Non-GAAP gross margin is expected to be approximately 72%. Non-GAAP operating expenses are expected to range from $22.7 million to $22.9 million. Adjusted EBITDA, defined as non-GAAP operating income excluding depreciation of approximately $700,000, is expected to range from $750,000 to $1.25 million. Income tax expense is expected to be $150,000. Non-GAAP net income including $150,000 tax expense will be between breakeven of $400,000 or breakeven to $0.01 per weighted average diluted share.
For the full year ending December 31, 2013, the company expected non-GAAP revenues are expected to be between $102.0 million and $103.0 million and this compares to prior guidance of $96.8 million to $98.9 million. The company announced non-GAAP smartphone revenues are expected to be between $96.7 million and $97.7 million. Non-GAAP gross margin is expected to be approximately 69%, up from prior guidance of 68%, due to the strength of higher margin of first-party titles during the second half of the year and non-GAAP OpEx for 2013 will be approximately $81.3 million, which is in line with prior guidance, as own performance in the third quarter will be offset by the increase in variable marketing in the fourth quarter. Adjusted EBITDA is expected to range from a loss of between $7.3 million to $7.8 million, compared to prior guidance of a loss of $11.6 million to $12.9 million. Non-GAAP net loss is expected to be a loss between $10.5 million and $11.0 million, or a net loss of $0.15 per weighted-average basic share outstanding, compared to the prior guidance of a loss of $15 million to $16.4 million or EPS loss of $0.22 to $0.24 per basic share.
For the full year ending December 31, 2014, the company is providing an estimated initial baseline total non-GAAP revenue growth rate of approximately 15% to 20% for 2014 from the full year 2013 guidance.
For the third quarter of 2013, the company reported impairment of prepaid royalties and guarantees was $0.435 million.