NEW YORK (Thomson Financial) - Glu Mobile Inc. said late Monday it received
valid acceptances representing about 93% of the issued share capital of
Superscape Group plc, and has applied to acquire all remaining shares on the
same terms as the tender offer.
San Mateo, Calif.-based Glu Mobile, a publisher of mobile games, said it
expects the acquisition will be neutral to adjusted earnings until the fourth
quarter of 2008, at which time it will add to earnings.
As a result, the company raised its full-year guidance.
Glu Mobile said it expects that Superscape will add about $12 million of
revenue for the full year, reflecting about 10 months of revenue beginning on
March 7, 2008. On an adjusted basis, the company expects the acquisition will
add about a penny a share.
For the first quarter ending March 31, Glu Mobile said it expects Superscape
will add about $800,000 of incremental revenue, boosting it above its previous
revenue guidance.
On Feb. 11, the company projected a first-quarter adjusted net loss of 4
cents to 5 cents a share on revenue of $18 million to $18.4 million, and
full-year adjusted net income of 15 cents to 20 cents a share on revenue of $83
million to $87 million.
The current mean estimate of analysts polled by Thomson Financial is for a
per-share loss of 17 cents on revenue of $18.3 million for the first quarter.
For the full year, analysts are looking for a per-share loss of 35 cents on
revenue of $85 million.
The company's stock closed the regular session at $4.88.
Wanfeng Zhou
wz/kh
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