Gameforge Berlin AG
Frogster Interactive Pictures AG Parts from Subsidiary Company in Asia and Adopts Gameforge Technology
Frogster Interactive Pictures AG / Key word(s): Disposal/Change in Forecast 25.11.2010 07:30 --------------------------------------------------------------------------- Berlin, 25.11.2010: Frogster Interactive Pictures AG, international publisher of massively multiplayer online games (MMO games) with headquarters in Berlin, parts with its subsidiary in Seoul. The parent company intends to shortly sell its 64% share in the company to the CEO of Frogster Asia, Sunny Park, after the schedule and financial plans for the turnaround couldn't be met and the subsidiary has discovered further funding requirements. On an operational level, Frogster will continue to cooperate with Sunny Park, especially in the operation and marketing of 'Runes of Magic' in Korea and in licensing plans for MMO game projects from the Asian region. According to a preliminary estimate, the deconsolidation from the subsidiary will result in a negative impact on earnings of almost 15 cents per share after tax and minority interests. The Frogster Group will focus on the Western markets of Europe and North America in the future, in which it is already successful. The previously announced cooperation in different operational fields with the main shareholder, Gameforge AG, with headquarters in Karlsruhe is meanwhile starting to take concrete shape. So Frogster is planning the implementation of the technically advanced game-accounting, -billing and game-statistics systems of Gameforge, which will offer customers significantly more comfort and security and will allow Frogster to make more precise marketing decisions than before. The discontinuation of its own billing system, however, brings with itself a value adjustment on the balance sheet, which should have a negative impact on earnings of almost 10 cent per share after taxes and minority interests. Adjustment of the Guidance for 2010 In its guidance, the management expects revenue amounting to about 22m Euros in 2010 as announced on 19th October. This would correspond to a growth of around 50 per cent compared with the previous year. The management now lowers the profit target for 2010 from 0.80 to 0.50 Euros per share after taxes. Outlook for 2011 Frogster awaits a further acceleration in its long term, strong and profitable expansion thanks to the announced products for 2011 and the impact of the cooperation with Gameforge. The analyst's consensus about revenue and profit outlook for 2011 is currently 41m Euros and 2.50 Euros per share after taxes. In the opinion of the management, the strong Frogster product pipeline supports this assumption. Frogster Interactive Pictures AG, Tel. +49 (0)30-28 47 01-0 25.11.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Frogster Interactive Pictures AG Hardenbergstr. 9A 10623 Berlin Deutschland Phone: 030 / 284701-10 Fax: 030 / 284701-11 E-mail: frogster@ir-services.de Internet: http://www.frogster-ip.de/ ISIN: DE000A0F47J1 WKN: A0F47J Indices: Entry Standard Performance-Index Listed: Freiverkehr in München, Düsseldorf, Berlin, Stuttgart; Open Market (Entry Standard) in Frankfurt End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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