Semi-Annual CCP hf 2014
Revenue and margin in the first half of the year were stable compared to the same period last year
and marketing and general operating expenses declined. The company ended the period with 11.3 million
USD in cash and long-term debt decreased by 2.1 million. determined by the Company
to stop the development of multi-play computer game World of Darkness has resulted in considerable
costs due to the termination provisions, depreciation and write-downs of particular intangible assets.
This cost and depreciation has a negative impact on performance for the period.
As part of their plans to merge and streamline their operations CCP has closed
office in San Francisco and two of the company managers, Joe Gallo and CFO
David Reid Marketing, which are located outside the cities CCP has offices in will
leave the company.
- Revenue for the first six months totaled 36.5 million, subject to 36.7
million in the same period of 2013.
- Gross profit for the period amounted to USD 33.3 million, a decrease of 1.8% without
same period of 2013.
- Expensed research and development costs increased by 28 million
compared to the same period last year primarily due to a substantial increase in
amortization and impairment of certain capitalized development costs as a result of
development of the World of Darkness project was stopped.
- Amortization of development costs, totaling 24 million without
tax effects, is by far the biggest factor in the company return loss for the period up to 22.8
- The company produced 4.5 million in EBITDA for the first six months
year, down from 8.3 million in the same period of 2013.
The decrease is attributable to the costs of notice provisions and departing employees
increased costs to the first stage of new development projects.
Hilmar Veigar Pétursson, manager:
"Stable revenue and margin from one year to show that our core business, publishing and
development of the computer game EVE Online, is going strong. In April we took the difficult decision to quit
development of the computer game World of Darkness and focus to the goal of developing games for
one and the same game world; EVE game world.
As part of our plans to combine and simplify our business in key operational
company, we will soon say goodbye to two of the Company's management. Joe Gallo and David
Reid won a great job for the CCP and I wish them all the best for the future. "