Used game distributor Game Trading Technologies this week reported a quarterly net loss due to legal and accounting fees, but a jump in revenues has management confident in the future.
GTT said it generated revenue of $11.4 million for the quarter ended March 31, 2010. That's up 37 percent from $8.34 million for the same period a year ago.
The company however posted a net loss of $1.85 million primarily due to legal and accounting fees and charges resulting from a private placement conducted with investors.
GTT recently announced
a deal with convenience store chain 7-Eleven to sell budget used games at over 3,000 locations. GTT procures, refurbishes and redistributes pre-owned games and has partnerships with companies including GameStop, Best Buy, Wal-Mart, GameFly, Target, Toys ‘R’ Us, Blockbuster and others.
Regulatory filings show that the company performed a "reverse acquisition" in February this year with used game and system retailer Gamers Factory. Prior to the transaction, Maryland-based GTT's corporate name was City Language Exchange.
CEO Todd Hays said, "Even in a quarter with increased expenses as a result of financial-related distractions, we experienced exceptional revenue growth and demand for our services and all of the Company's core indicators are stronger than ever." He added that his company's trading platform has gained "considerable traction."