SEOUL, South Korea, May 19, 2013 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (Nasdaq:GRVY) ("Gravity" or the "Company"), an online game developer and publisher based in South Korea, today announced its unaudited financial results for the first quarter ended March 31, 2013, prepared in accordance with generally accepted accounting principles in the United States. Revenues for the first quarter ended March 31, 2013 were KRW 11,796 million (US$ 10,756 thousand), representing a 11.5% decrease from KRW 13,328 million for the fourth quarter ended December 31, 2012 ("QoQ") and a 27.9% decrease from KRW 16,357 million for the first quarter ended March 31, 2012 ("YoY"). Review of financial results Revenues Royalty and licensing fee revenue for the first quarter ended March 31, 2013 was KRW 6,654 million (US$ 6,067 thousand), representing a 8.6% decrease QoQ from KRW 7,281 million and a 23.6% decrease YoY from KRW 8,710 million. The decrease in royalty and licensing fee revenues QoQ and YoY was primarily due to the strengthening of the Korean Won against the Japanese Yen and decreased revenues from Ragnarok Online in Japan. The decrease in royalty and licensing fee revenues QoQ and YoY was partially offset by revenues from Ragnarok Online in China where the game was relaunched in February 2013. Subscription revenue for the first quarter 2013 was KRW 1,948 million (US$ 1,776 thousand), representing a 3.9% increase QoQ and a 54.1% decrease YoY compared to KRW 1,874 million and KRW 4,241 million, respectively. The increase QoQ was mainly attributable to increased revenues from Ragnarok Online in Korea. The decrease YoY mainly resulted from significant decrease in revenues from Finding Neverland Online, which was commercially launched in Korea in January 2012. Mobile game revenue was KRW 2,753 million (US$ 2,510 thousand) for the first quarter 2013, representing a 29.0% decrease QoQ from KRW 3,875 million and a 35.1% increase YoY from KRW 2,037 million.