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Conspiracy Slides Into Black On Wii, DS Approval Revenues

Officials from Santa Monica based publisher Conspiracy Entertainment have announced a slight profit for the 3 months ending June 30th, thanks to "flat fee sales" on manufacturing approval for multiple Wii and DS games such as Ninjabread Man - 7 mor
Officials from Santa Monica based publisher Conspiracy Entertainment have debuted a press release with positive news of the company’s financial second quarter, with revenues up from $360,032 in 2006 to $819,330 this year. The company also saw a move into the black during the quarter, with profits rising from a $360,938 loss in 2006 to a slim $7,942 profit. However, the increase in revenue was primarily attributed to "flat fee sales" of $780,000 upon receiving manufacturing approval for Counter Force and Ninjabread Man on Wii and Power Play Pool and Cocoto Kart Racing on Nintendo DS - rather than necessarily on proven sales of the game in stores. In addition, the company's SEC filing reveals, nonetheless, that "...during the period ended June 30, 2007, the Company had an accumulated deficit of $8,444,101." And if looking over a 6 month period, the company's net loss was $264,682 for the six months ended June 30, 2007 compared to a net loss of $493,289 for the six months ended June 30, 2006. The filing also notes that the company is "preparing 7 more titles which should receive approval in the upcoming quarter", presumably (though not explicitly stated) also concentrating on Wii and DS games that the firm is currently pushing to market. Keith Tanaka, CFO of Conspiracy commented: "In addition to our sales improvements, we have strengthened our cash position significantly during the second quarter. As of June 30th, 2007, we had a cash balance of $268,187 compared to $24,976 at December 31st, 2006. Total current assets at June 30th, 2007 increased to $520,957 compared to $334,390 at December 31st, 2006.” “We plan to use the cash balance and cash generated from operations for working capital reserves and along with additional debt financing, for new product development, securing new licenses, expanding our product portfolio and additional advertising and marketing to continue on a path of accelerated growth,” continued Tanaka. The company recently announced a new North American distribution agreement for games from German publisher and developer RTL Games. Although no specific titles were mentioned RTL Games designs and publishes mass market and casual style video games for a variety of formats, including the Wii.

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