Arjan at the Mobile Games Blog has posted a story regarding Oasys Mobile’s 2006 financial results.
Revenue for the company was up 35.4% to $2.64 million in the Q4 2006, compared to $1.95 in Q4 2005. Net loss for Q4 was $1.55 million, $0.27 million less than the same quarter from 2005. Revenue for the entire year was $8.69, an 11.5% jump from 2005’s $7.79 million, and total net loss was $9.33 million, or more than double 2005’s net loss of $4.41. $960,000 of the loss was caused by employee stock options required by FAS 123(R). An additional expense of $1.48 million was caused by modification of stock purchase warrants in conjunction with the securities purchase agreement entered into in November 2005, in connection with the Company’s 6% Senior Secured Convertible Debentures. Finally, operating loss for 2006 reflects the costs for development and marketing of oasysmobile.com.
As of December 31, 2006, Oasys Mobile’s cash on hand amounted to about $3.81 million. Lastly, the company has also announced that they have hired RBC Daniels & Associates as their investment banker. The company has senior secured debt due in June, and wants RBC Daniels to assists them in obtaining an equity investment or debt issuance.
Oasys Mobile cut its work force by more than one-fourth to trim expenses and reduce its losses.
Bernard Stolar has been in the video game industry for a long time. Currently, he has been employed by Oasys to oversee the company as lead director. The best thing about Bernard Stolar, is that he knows mobile games and he’s optimistic about them.