Southpeak Q2 Financials – revenue and losses both down

By Brenna Hillier
22 February 2011 01:40 GMT

Southpeak has released financial figures for the quarter ending December 31, the second in its fiscal 2011 year, showing decreased revenues – but a reduction in loss, too.

The quarter saw Southpeak bring in net revenues of $7.5 million, down from $10.1 million during the same period in 2009.

Net losses dropped from $2.6 million or six cents per share to $2.1 million or four cents per share, as a result of a 37 percent reduction in operating costs to 3.3 million.

Southpeak’s highlight for the year included success in the My Baby case against Nobilis, returning the lucrative franchise to the publisher, and a new partnership with nVidia to expand into mobile and tablet gaming. No mention was made of ongoing legal battles with Section 8 developer Timegate.

Moving forward into the remainder of the fiscal year, Southpeak have only one announced title – Stronghold – but continue to draw on the US publicaiton of Two Worlds II, co-published with TopWare Interactive.

Thanks, BigDownload.

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