Funcom has struggled in recent months, but their first quarter brings a ray of sunshine for fans of Age of Conan and The Secret World.
It's no secret that Funcom has struggled financially over the last year. And although the company's not out of the woods yet, things are looking better for the publisher behind Age of Conan and The Secret World in the first quarter of 2013. In its first quarter earnings report released today, Funcom painted a perhaps overly-rosy picture of the next year for the company.
Although the company posted significant gains for Q1 2012 when compared to Q1 2013, it clearly has not been able to replicate the boon Secret World created in Q3 of 2012. Further, even though Funcom was able to eliminate a decent amount of operating expenses (read: employees) and restructure two loans, the company is still carrying close to $16.5 million in interest-bearing debt compared to $6 million in Q1 earnings (and negative $74,000 in after-tax earnings).
To summarize, even though Funcom's games are making money, they aren't breaking even after paying their bills. And they have like $16 million in debt that's accumulating interest.
But that's just boring financial stuff. What's really important is the new LEGO mmo on the horizon, which according to Funcom is coming along swimmingly. The game will operate in your browser, and the company is looking to incorporate physical LEGO products with its launch. Funcom also asserts that existing mmos The Secret World and Age of Conan saw increased playtime and sales in Q1 as well.
Mired in debt and ugly financials, Funcom is still holding its head high and sounds hopeful. Which is more than most of us can say these days.
Source: Funcom Q1 Presentation