Revenue Increases 47.6%, Net Income Up 66.8%
Guangzhou, China, December 3, 2010 (GLOBE NEWSWIRE) -- Amico Games Corp. (OTC Bulletin Board: AMCG) (''Amico''), an interactive entertainment media company specializing in developing some of China's most popular massively multi-player online role-playing games (MMORPGs) for mobile phones, announced annual results for its fiscal year ending August 31, 2010. Revenues for the period were $1.86 million, an increase of 47.6% from 2009 revenue of $1.26 million, and net income was $324,350, up 66.8% from 2009 net income of $194,495.
Net cash provided by operating activities was $572,323 for the period, compared to 2009 net cash used in operating activities of $29,926, which resulted from an increase in net income and a decrease in accounts receivable. The Company has a working capital surplus of $642,022, compared to $169,271 for fiscal 2009.
Commenting on the Company's 2010 fiscal year results, CEO Peter Liu stated, “The strong growth in our financial results proves the market demand for our games and technology. Our business model continues to generate positive cash flows, and management continues to deliver earnings growth. As we enter the second phase of our corporate development strategy to distribute and operate our own games as well as those of third-party developers, we expect to continue to grow our top line and improve our operating margins by capturing a larger share of end-user revenues.”
About Amico Games Corp.
Amico Games is a subscriber based interactive entertainment company with over 29 million registered users. The company develops massively multiplayer role playing online games (MMRPOG) based on Java™ technology for 3G telecommunication networks in China. The company created some of China's earliest mobile phone multiplayer games, was the first Chinese company to cooperate with Nokia and was the first company to provide multiplayer games over the WAP platform of China Mobile. Further information on the Company can be found at www.sec.gov and the company's websites at www.amicogamesus.com.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Amico or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Amico's products, the competitive environment within the industry, the ability of Amico to continue to expand its operations, the level of costs incurred in connection with Amico's expansion efforts, economic conditions in the industry and the financial strength of Amico's customers and suppliers. Amico does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
CONTACT
Amico Games Corp.
Investor Relations
(310) 301-0082
IR@amicogamesus.com
The following table shows the selected audited condensed consolidated income statement data of the Company and its subsidiaries for the year ended August 30, 2010. The data should be read in conjunction with the Condensed Consolidated Financial Statements of the Company for the year ended August 31, 2010.
AMICO GAMES CORP
Consolidated Statements of Operations
For the Year Ended
Aug. 31,
2010 2009
Revenue $ 1,855,692 $ 1,258,765
Operating Costs and Expenses:
Selling expenses 497,528 389,906
A&G expenses 1,041,303 595,092
Depreciation of property, plant and equipment 16,349 14,836
Total operating costs and expenses 1,555,180 999,834
Income (Loss) From Operations 300,512 258,931
Interest income (704 ) (675 )
Interest expenses 2,157 439
Income (Loss) Before Income Taxes 299,059 259,167
Income Tax Expense (Benefit)
Current (25,291 ) 52,289
Defered - 9,383
-
Net Income (Loss) $ 324,350 $ 197,495
Other Comprehensive Income
Foreign currency translation adjustment (1,867 ) 534
Comprehensive Income $ 322,483 $ 198,029
Earnings Per Share, Basic and Diluted $ 0.00 $ 0.00
Weighted Average Shares Outstanding 200,591,507 163,500,000
AMCG-Amico Games Corp Reports 2010 Fiscal Year Results
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amicogames
Breaking news on Amico Games Corp. (AMCG.OB)
Amico Games Corp. (OTCBB:AMCG), an interactive entertainment media Company specializing in developing some of China’s most popular massively multi-player online role-playing games (MMORPGs) for mobile phones, today announced that its registered users grew to 30,123,810 in November 2010, an increase of 317,147 over the previous month.
The Company’s most recently released and second Java game, “Journey to the West: deja vu,” recorded 269,621 new registered users during November 2010. Since its mid September release, “deja vu” has attracted 485,577 new registered users and has 234,147 active players.
Amico also announced the results for the 2011 first quarter ended November 30, 2010. The revenue for the three month ended November 30, 2010 were $463,250, compared with $467,526 for the same period last year. Net income was $(7,793) for the first quarter ended November 30, 2010, compared with net income of $27,222 for the same period in 2009. Commenting on the 2011 first quarter results, CEO Peter Liu stated, “Our operating expenses for the three month ended November 30, 2010 were $151,146 more than the same period last year. This was the result of increases in payroll and office expenses related to the November move to our expanded facilities, and was in line with expectations. With $350,934 in cash on hand, a surplus in working capital of $520,010 and our cash flow, we continue to have sufficient capital to execute our corporate development strategies.”
About Amico Games Corp.
Amico Games is a subscriber-based interactive entertainment company with over 30 million registered users. The company develops massively multiplayer role playing online games (MMRPOG) based on Java™ technology for 3G telecommunication networks in China. The company created some of China’s earliest mobile phone multiplayer games, was the first Chinese company to cooperate with Nokia and was the first company to provide multiplayer games over the WAP platform of China Mobile. Further information on the Company can be found at sec.gov and the company’s websites at amicogamesus.com.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to Amico or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Amico’s products, the competitive environment within the industry, the ability of Amico to continue to expand its operations, the level of costs incurred in connection with Amico’s expansion efforts, economic conditions in the industry and the financial strength of Amico’s customers and suppliers. Amico does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
CONTACT: Amico Games Corp.
Investor Relations
(310) 301-0082
IR@amicogamesus.com
The Company’s most recently released and second Java game, “Journey to the West: deja vu,” recorded 269,621 new registered users during November 2010. Since its mid September release, “deja vu” has attracted 485,577 new registered users and has 234,147 active players.
Amico also announced the results for the 2011 first quarter ended November 30, 2010. The revenue for the three month ended November 30, 2010 were $463,250, compared with $467,526 for the same period last year. Net income was $(7,793) for the first quarter ended November 30, 2010, compared with net income of $27,222 for the same period in 2009. Commenting on the 2011 first quarter results, CEO Peter Liu stated, “Our operating expenses for the three month ended November 30, 2010 were $151,146 more than the same period last year. This was the result of increases in payroll and office expenses related to the November move to our expanded facilities, and was in line with expectations. With $350,934 in cash on hand, a surplus in working capital of $520,010 and our cash flow, we continue to have sufficient capital to execute our corporate development strategies.”
About Amico Games Corp.
Amico Games is a subscriber-based interactive entertainment company with over 30 million registered users. The company develops massively multiplayer role playing online games (MMRPOG) based on Java™ technology for 3G telecommunication networks in China. The company created some of China’s earliest mobile phone multiplayer games, was the first Chinese company to cooperate with Nokia and was the first company to provide multiplayer games over the WAP platform of China Mobile. Further information on the Company can be found at sec.gov and the company’s websites at amicogamesus.com.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to Amico or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Amico’s products, the competitive environment within the industry, the ability of Amico to continue to expand its operations, the level of costs incurred in connection with Amico’s expansion efforts, economic conditions in the industry and the financial strength of Amico’s customers and suppliers. Amico does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
CONTACT: Amico Games Corp.
Investor Relations
(310) 301-0082
IR@amicogamesus.com
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