STUDIO 777 Reports Q3 Results, 4th Consecutive Dividend Increase: L$504,314 for September, L$1,361,993 for Q3 on revenue of $54,248,888
NEW YORK, NY and Second Life – October 7, 2014 -- STUDIO 777 (CAPEX: FUN) today reported results for the Third Quarter of 2014, with Shareholder dividends for the month of September increasing 11.87% to L$504,314, and dividends for Q3 totaling L$1,361,993 on revenue of $54,248,888. FUN experienced continuing growth in traffic and revenue in Q3, traditionally a slower period, as well as a challenging phase for the Skill Gaming sector.
As anticipated, higher per Player revenue and reduced competition enabled FUN in September to once again increase Shareholder dividends. FUN continues on track to become a Licensed Skill Game Operator with Linden Lab. FUN has completed all parts of its application, submitted Operator RLOs, and has received white list access for two key employees in restricted states. FUN is working in cooperation with some of Second Life's top Skill Game Creators to submit RLOs for their most popular Skill Games.
The Third Quarter is a traditionally slower period of the year and a challenging time of transition for Skill Gaming. However, in marked contrast, steadily increasing revenue in all sectors and continued development and opportunities related to Linden Lab's Skill Gaming polices propelled FUN to the forefront of the Skill Gaming Sector. L$775,000 of IPO funds were released from Restricted Assets for costs related to FUN's application to become a Licensed Skill Game Operator. L$3,710,600 remains in Restricted Assets, part of the L$44,295,679 total Shareholder Equity.
Reflecting its positive long-term outlook and the momentum associated with growth and expansion initiatives, Shareholder dividends rose 11.87% from L$450,785 to L$504,314. The dividend will be paid today to all Shareholders of record, to continue the intention that dividends will be paid on the 7th of each month.
"In the four months since our IPO, in addition to expansion, the acquisition of Ads-O-Matic and our conversion to a Skill Gaming Region, we've also paid L$1,715,185 in dividends to our Shareholders," Luke Slingshot, FUN CEO, remarked. "We're proud of these accomplishments which wouldn't have been possible without our incredible Players, Team, Shareholders, Partners and Friends. Enjoy the dividends and we look forward to bringing you more good news in Q4, our traditionally busiest quarter."
KariAnne Starsmith, FUN President, commented, "In September the new Skill Gaming policies brought us new Players with interest and experience in our Skill Games, and once again resulted in a terrific month to close out the Third Quarter. We're very happy and proud to be able to increase dividends for our Shareholders. We continue to have great progress on our Skill Gaming Operator application, we're working with some of the best Creators, and we're submitting RLOs. We're grateful to our Shareholders and are focused on execution to maximize Shareholder value."