LANGHORNE, Pa., June 14, 2007 (PRIME NEWSWIRE) -- eGames, Inc. (Pink Sheets:EGAM), a developer and publisher of casual games for the PC and the Internet, today released its Statements of Cash Flows and Stockholders' Equity for the nine months ended March 31, 2007, in order to meet the current financial disclosure requirements under Rule 144 of the Securities Act of 1933. These additional financial statements should be read in conjunction with the Company's Balance Sheet at March 31, 2007 and its Statements of Operations for the nine months ended March 31, 2007 that were both previously released on May 14, 2007.
eGames, Inc.
Statements of Cash Flows
(Unaudited)
Nine Months Ended
March 31,
--------------------------
2007 2006
----------- -----------
OPERATING ACTIVITIES:
--------------------
Net loss ($1,014,773) ($534,992)
Adjustment to reconcile net loss to
net cash used in operating activities:
Stock-based compensation 52,695 58,333
Depreciation 24,039 24,265
Changes in operating assets and
liabilities:
Accounts receivable, net 165,030 (740,494)
Inventory, net 191,636 (62,582)
Prepaid and other expenses 85,056 (25,384)
Accounts payable (138,963) 317,775
Accrued expenses 120,011 38,981
----------- -----------
Net cash used in operating activities (515,269) (924,098)
----------- -----------
INVESTING ACTIVITIES:
--------------------
Purchases of furniture and equipment (17,246) (4,758)
----------- -----------
Net cash used in investing activities (17,246) (4,758)
----------- -----------
FINANCING ACTIVITIES:
-------------------- ----------- -----------
Net cash provided by (used in)
financing activities - 0 - - 0 -
----------- -----------
Net decrease in cash and cash equivalents (532,515) (928,856)
Cash and cash equivalents:
Beginning of period 1,526,629 2,412,162
----------- -----------
End of period $ 994,114 $ 1,483,306
=========== ===========
Supplemental cash flow information:
Cash paid (refunds received) for
income taxes $ 21,862 ($34,000)
=========== ===========
eGames, Inc.
Statements of Stockholders' Equity
(Unaudited)
Additional
Common Stock Paid-in Accumulated
Shares Amount Capital Deficit
---------- ---------- ---------- -----------
Balances as of
June 30, 2005 11,138,654 $9,179,827 $1,636,144 ($6,918,036)
========== ========== ========== ==========
Net loss (1,038,698)
Common stock warrants
issued to shareholders
of Cinemaware, Inc. 120,000
Common stock shares
issued to shareholders
of Cinemaware, Inc. 817,439 300,000
Common stock options
issued to employees
and directors 79,024
---------- ---------- ---------- -----------
Balances as of
June 30, 2006 11,956,093 $9,179,827 $2,135,168 ($7,956,734)
========== ========== ========== ==========
Net loss (1,014,773)
Common stock options
issued to employees
and directors 52,695
---------- ---------- ---------- -----------
Balances as of
March 31, 2007 11,956,093 $9,179,827 $2,187,863 ($8,971,507)
========== ========== ========== ==========
Treasury Stock Stockholders'
Shares Amount Equity
---------- ---------- ----------
Balances as of
June 30, 2005 (231,900) ($ 501,417) $3,396,518
========== ========== ==========
Net loss (1,038,698)
Common stock warrants
issued to shareholders
of Cinemaware, Inc. 120,000
Common stock shares
issued to shareholders
of Cinemaware, Inc. 300,000
Common stock options
issued to employees
and directors 79,024
---------- ---------- ----------
Balances as of
June 30, 2006 (231,900) ($ 501,417) $2,856,844
========== ========== ==========
Net loss (1,014,773)
Common stock options
issued to employees
and directors 52,695
---------- ---------- ----------
Balances as of
March 31, 2007 (231,900) ($ 501,417) $1,894,766
=========== ========== ==========
About eGames, Inc.
eGames, Inc., headquartered in Langhorne, Pennsylvania, develops and publishes casual games for the PC and the Internet which now include the eGames(tm), Cinemaware(r) and Cinemaware Marquee(tm) brands. Additional information regarding eGames, Inc. can be found at http://www.egames.com.