Big Revenues Stick to Glu Mobile in Preliminary Earnings Report

Glu Mobile is reporting preliminary fiscal second quarter revenues of just over $24 million. That’s a dramatic 35 percent climb year-over-year. This is well above the company’s guidance of $20.5 million to $21.5 million.

“We are pleased with our preliminary Q2 results which exceeded the upper end of guidance for our tenth consecutive quarter,” said Niccolo de Masi, President and CEO of Glu. “Glu’s strong year-over-year growth was powered by our mobile-focus, lack of dependence on Facebook web users, and strength in male-oriented games.”

Non-GAAP smartphone revenue of approximately $20.4 million also translates to a spike of 111% year-over-year.

The company’s cash balance as of June 30th stands at $24.5 million, which was above guidance.

“The timely acquisition of the Deer Hunter brand was an efficient use of capital, as Glu avoided paying approximately $1.4 million in royalties in the quarter. We are pleased with the prognosis for freemium mobile gaming in the second half of 2012 and our strong product release slate,” said Eric R. Ludwig, Glu’s Chief Financial Officer and Executive Vice President.

“We will be launching the majority of our second half 2012 titles between September and December in order to capitalize on advertising seasonality and new consumer hardware introductions,” de Masi concluded. “As a result, we expect to achieve positive Adjusted EBITDA in the second half of 2012, shaped as an Adjusted EBITDA loss in Q3 and solid Q4 Adjusted EBITDA profitability.”