Playlogic reports first full-year profit

Playlogic has announced its 2007 financial results, with net revenues of USD 10.1 million - double that of 2006.

The company reported gross profit of USD 5 million, up from USD 1.2 million for the prior year, and net profit of USD 0.7 million compared to a 2006 loss of USD 12.5 million.

"For the first time since we started in 2002 Playlogic has realized profit for a full year," said CEO Willem M. Smit.

"We are very pleased about this achievement and we expect this to be a turning-point towards further growth of revenues and profit."

In 2007, the company received a US PS2 and PSP publishing license as well as a global PS3 publishing license. It also closed USD 12.3 million in equity through a private placement.

"With the recent closing of USD 7 million in equity and debt we will be able to further invest in our publishing portfolio as planned," Smit said.

For 2008, Playlogic expects net earnings per share in the range of USD 0.07 - 0.12.