Funcom Q1 shows positive trend following restructuring

Age of Conan and The Secret World developer Funcom has seen a significant jump in income since releasing The Secret World, and managed to minimise its losses last quarter thanks to recent, dramatic restructuring.

In its FY2013 first quarter report, the company posted revenues of $63,338,000, a huge jump on the $2,293,000 of the first quarter of Q1 FY2012 which the company credited to the success of converted free to play MMO The Secret World launching in the interim.

The most recent content drop for the MMO - The Last Train to Cairo - was singled out as having a "very good take-up" rate.

Unfortunately, after tax Funcom's earnings didn't balance, coming in with a loss of $74,000 - something of an improvement year on year from $6,143,000 though.

Funcom said its major source of revenue was The Secret World and Age of Conan, both in terms of client sales and subscriptions rather than microtransactions.

It also highlighted its recent restructuring as a major source of cost savings, noting that operating costs decreased significantly both quarter on quarter and year on year. It was left with a cash balance of $3,693,000 at the end of March. This is delightful, although the company still has a $16 million debt to pay off. More positive knock on effects of the restructuring are expected to manifest in the second half of the year.

In terms of upcoming games, Funcom said a licensed Lego Minifigure online game being developed in Oslo is on schedule, and both Lego games developed in Montreal have hit milestones recently.

Thanks, Massively.