SouthPeak Loses a Lot of Money, Mostly to Bankrupt CDV

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SouthPeak GamesSouthPeak Interactive Corporation reported its financial results for its fiscal year ended June 30, 2010. SouthPeak reported large losses (but smaller than in the previous year) and a large settlement with CDV Software. Read on for more details...
For the year, SouthPeak reported a net loss of $5.827 million, compared to a net loss the previous fiscal year of $12.206 million. Southpeak argues that it has been strengthening its balance sheet and is building up to bigger upcoming releases such as Two Worlds II and Stronghold 3. Largely, SouthPeak's filing with the U.S. Securities and Exchange Commission focused on how the company has taken steps to ensure it can continue as a going concern. In summary, SouthPeak is losing a lot of money, but doesn't expect to declare bankruptcy.

SouthPeak also confirmed the price tag of its settlement with now-bankrupt CDV. The cost of ending the litigation was $3.075 million, contributing to SouthPeak's annual loss.

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This page contains a single entry by Editor published on October 14, 2010 5:24 PM.

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