CINCINNATI, Feb. 13, 2004 (PRIMEZONE) -- Games Inc. (OTCBB:GMSI) today announced the release of second quarter results and that the games management team has taken aggressive action to improve the company's performance through the acquisition of games.com.
Total revenue and net loss reported for the three and six months ended December 31, 2003 and 2002 are as follows:
Three Months Ended
December 31,
2003 2002
--------------------- ------------------
Percent of Percent of
Revenue Source Amount Total Amount Total
------------------------------------------------ ------------------
Internet advertising $38,468 39% $51,185 93%
Lotteries 60,411 61% 3,741 7%
---------- --- -------- ---
Total $98,879 100% $54,926 100%
========== === ======== ===
Net Loss reported $654,381 $580,614
========== ========
Weighted average common
shares outstanding
- basic and diluted 17,509,902 16,194,331
Net loss per share
- basic and diluted ($0.04) ($0.08)
===== =====
Six Months Ended
December 31,
2003 2002
--------------------- ------------------
Percent of Percent of
Revenue Source Amount Total Amount Total
----------------------------------------------- ------------------
Internet advertising $90,495 48% $97,767 96%
Lotteries 99,657 52% 3,741 4%
------- --- ------- ---
Total $190,152 100% $101,508 100%
======== ==== ======== ====
Net Loss reported $1,341,230 $1,400,686
========== ==========
Weighted average common
shares outstanding
- basic and diluted 17,024,541 14,605,495
Net loss per share
- basic and diluted ($0.04) ($0.10)
===== =====
- Revenues for six months ended December 31, 2003 of $190,152 compared to $101,508 in 2002.
- Lottery and Games business continues to grow.
- Acquisition of Games.com adds 400,000 unique visitors a day, bringing the Company's current total Community to approximately 12 million unique visitors each month. We expect to start generating advertising revenues in Third quarter and pay for play revenues in the Fourth quarter of fiscal 2004 from Games.com.
We acquired the URL Games.com and entered into a long term license agreement for the intellectual property available on the site on December 31, 2003. The renewal of Games.com is well under way; upgrading graphics, security and chat features as well as enhanced functionality of the www.Games.com games.
These upgrades will provide for a substantial increase in Community, an enhanced player experience and will allow the addition of revenue generating Skill-Based Tournament Play for merchandise, cash and prizes. The re-launch of the new Games.com site is scheduled for April 2004.
Games.com is an exceptional brand that hosts many exclusive brand titles known world wide and adding over seven million registered players to Games, Inc.'s Community. The upgraded Games.com will create many new revenue generating opportunities through advertising, custom promotions using games and by adding Pay for Play features for a wide variety of prizes and cash. Games.com will also offer Downloadable games, Fee-based Tournaments and Subscription Accounts.
We will to continue to appeal to a broad range of casual gamers with a revenue model similar to that of the newspaper and magazine industry with multiple ways to pay for our games though Games Inc.'s internally developed Decremental Payment System called A Roll of Quarters(tm).
We believe Games.com will achieve a high rate of participation by our Community of 4 million monthly unique visitors and will, deliver exceptional entertainment and play value at pennies per day to play and meet new and old friends at Games.com.
About Games, Inc. (OTCBB:GMSI)
Games, Inc. operates in three allied areas of interactive entertainment: Internet Games, Government Sponsored Lotteries, and Digital Greetings. Games owns and operates www.Games.com, www.Lottery.com, www.Cards.com, www.GameLand.com and www.Skillmoney.com, which covers the three most widely used platforms in Internet Entertainment; Games, Lottery and Digital Greetings.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Games) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Games. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws and market competition factors. We undertake no obligation to update information in this release.