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GRAVITY Reports Second Quarter Of 2012 Results And Business Updates

SEOUL, South Korea, Aug. 29, 2012 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (Nasdaq:GRVY) ("Gravity" or "Company"), an online game developer and publisher based in South Korea, today announced its unaudited financial results for the second quarter ended June 30, 2012, prepared in accordance with generally accepted accounting principles in the United States, and business updates.

FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2012

Revenues for the second quarter ended June 30, 2012 was KRW 14,084 million (US$ 12,455 thousand), representing a 13.9% decrease from KRW 16,357 million for the first quarter ended March 31, 2012 ("QoQ") and a 3.4% decrease from KRW 14,584 million for the second quarter ended June 30, 2011 ("YoY").

Review of Financial Results

Revenues

Royalty and licensing fee revenues for the second quarter of 2012 were KRW 8,109 million (US$ 7,171 thousand), representing a 6.9% decrease QoQ from KRW 8,710 million and a 10.2% decrease YoY from KRW 9,033 million. The decreases QoQ and YoY were primarily due to decreased revenues from Ragnarok Online in Japan, Taiwan, Hong Kong and Macau.

Subscription revenues for the second quarter of 2012 were KRW 2,151 million (US$ 1,902 thousand), representing a 49.3% decrease QoQ from KRW 4,241 million and a 26.4% decrease YoY from KRW 2,922 million. The decrease QoQ mainly resulted from decreased revenues from Finding Neverland Online and Ragnarok Online in Korea. The decrease YoY was mostly attributable to Gravity EU SASU, our former wholly-owned subsidiary in France, no longer being consolidated as a result of the Company's ownership reduction to 25% in July 2011 as well as decreased revenues from Ragnarok Online in Korea and overall decline in revenues in the United States and Canada.

Mobile game revenues were KRW 2,246 million (US$ 1,986 thousand) for the second quarter of 2012, representing a 10.3% increase QoQ from KRW 2,037 million but a 9.0% decrease YoY from KRW 2,469 million.

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