Greg Ballard, president and chief executive officer, Glu, commented, "We're excited to be joining forces with Superscape, a pioneer in the mobile games industry. Superscape's strong heritage in 3D technology, high-quality original titles and innovative white label programs complement our existing world-class operations. This acquisition is an important achievement in becoming the leading mobile games publisher in the world."
Rocky Pimentel, chief financial officer, Glu, added, "We expect Superscape will have a positive impact on our financial results. While the integration of Superscape will continue through most of this year, we currently anticipate that the acquisition will be neutral to non-GAAP earnings until the fourth quarter, at which time it will become accretive. Accordingly, we are raising our full year guidance."
The Company is providing guidance today to reflect Superscape's expected contribution to Glu for the first quarter and the full year 2008. Because Glu declared the tender offer unconditional in all respects on March 7, 2008, Superscape's results will be consolidated into Glu's financial results as of that date. Furthermore, although Glu expects to ultimately acquire 100% of the outstanding shares of Superscape, the Company will record a minority interest to reflect the portion of shares that it does not own until it has acquired 100% of the outstanding shares.
news source : http://www.centredaily.com/business/technology/story/482714.html
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