Runes of Magic
publisher Frogster Interactive Pictures reports that its revenues doubled in the first half of 2010 to €11.4 million ($15.4 million), compared to the €5.1 million ($6.9 million) it earned during the same period last year.
The Berlin-based company also says its cash position, or the value of its cash and short-term liquid assets, has tripled to €7.5 million ($10.2 million) from €2.6 million ($3.5 million) at the end of 2009. Frogster considers this amount "sufficient" and says it has no bank liabilities.
This interim report comes just a week after the publisher announced its dismissal
of CFO Ralf Kloppel, CAO Bjorn Koschin, and Frogster America CEO Lars Koschin. Yesterday, the firm appointed Frogster America CFO
Dirk Meyer zu Drewer as the temporary chief executive of its U.S. subsidiary to replace Koschin.
Frogster did not disclose any reasons to the public about its termination of the three executives, but their firings follow shortly after another German free-to-play game publisher, Gameforge, acquired a 60 percent majority stake
in the company at €25 ($32) per share. Gameforge later boosted its bid to €27.50 ($37) to win over remaining shareholders.
Frogster's management has described the takeover by Gameforge as "friendly", and claims that it will continue to be "sustained as an independent company with its current management and team at its existing locations, with its own culture and its successful brand names."