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AMCG-Amico Games Corp Reports 2010 Fiscal Year Results

 Revenue Increases 47.6%, Net Income Up 66.8%

 

Guangzhou, China, December 3, 2010 (GLOBE NEWSWIRE) -- Amico Games Corp. (OTC Bulletin Board: AMCG) (''Amico''), an interactive entertainment media company specializing in developing some of China's most popular massively multi-player online role-playing games (MMORPGs) for mobile phones, announced annual results for its fiscal year ending August 31, 2010.  Revenues for the period were $1.86 million, an increase of 47.6% from 2009 revenue of $1.26 million, and net income was $324,350, up 66.8% from 2009 net income of $194,495.

 

Net cash provided by operating activities was $572,323 for the period, compared to 2009 net cash used in operating activities of $29,926, which resulted from an increase in net income and a decrease in accounts receivable.  The Company has a working capital surplus of $642,022, compared to $169,271 for fiscal 2009.

 

Commenting on the Company's 2010 fiscal year results, CEO Peter Liu stated, “The strong growth in our financial results proves the market demand for our games and technology.  Our business model continues to generate positive cash flows, and management continues to deliver earnings growth.  As we enter the second phase of our corporate development strategy to distribute and operate our own games as well as those of third-party developers, we expect to continue to grow our top line and improve our operating margins by capturing a larger share of end-user revenues.”

 

About Amico Games Corp.
Amico Games is a subscriber based interactive entertainment company with over 29 million registered users. The company develops massively multiplayer role playing online games (MMRPOG) based on Java™ technology for 3G telecommunication networks in China. The company created some of China's earliest mobile phone multiplayer games, was the first Chinese company to cooperate with Nokia and was the first company to provide multiplayer games over the WAP platform of China Mobile. Further information on the Company can be found at www.sec.gov and the company's websites at www.amicogamesus.com.

 

Safe Harbor Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements.  Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Amico or its management, identify forward-looking statements.  Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management.  Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Amico's products, the competitive environment within the industry, the ability of Amico to continue to expand its operations, the level of costs incurred in connection with Amico's expansion efforts, economic conditions in the industry and the financial strength of Amico's customers and suppliers.  Amico does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

 

 

CONTACT

Amico Games Corp.

Investor Relations

(310) 301-0082

IR@amicogamesus.com

 

The following table shows the selected audited condensed consolidated income statement data of the Company and its subsidiaries for the year ended August 30, 2010. The data should be read in conjunction with the Condensed Consolidated Financial Statements of the Company for the year ended August 31, 2010.

 

 

 

 

AMICO GAMES CORP

Consolidated Statements of Operations

 

 

 

For the Year Ended

Aug. 31,

 

 

 

2010

 

 

2009

 

 

 

 

 

 

 

 

Revenue

 

$

1,855,692

 

 

$

1,258,765

 

Operating Costs and Expenses:

 

 

 

 

 

 

 

 

Selling expenses

 

 

497,528

 

 

 

389,906

 

A&G expenses

 

 

1,041,303

 

 

 

595,092

 

  Depreciation of property, plant and equipment

 

 

16,349

 

 

 

14,836

 

Total operating costs and expenses

 

 

1,555,180

 

 

 

999,834

 

Income (Loss) From Operations

 

 

300,512

 

 

 

258,931

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(704

)

 

 

(675

)

Interest expenses

 

 

2,157

 

 

 

439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

 

299,059

 

 

 

259,167

 

Income Tax Expense (Benefit)

 

 

 

 

 

 

 

 

 Current

 

 

(25,291

)

 

 

52,289

 

 Defered

 

 

-

 

 

 

9,383

 

 

 

 

-

 

 

 

 

 

Net Income (Loss)

 

$

324,350

 

 

$

197,495

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

  Foreign currency translation adjustment

 

 

(1,867

)

 

 

534

 

Comprehensive Income

 

$

322,483

 

 

$

198,029

 

 

 

 

 

 

 

 

 

 

Earnings Per Share, Basic and Diluted

 

$

0.00

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

200,591,507

 

 

 

163,500,000