Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
GameFly closed out fiscal 2010 with a solid increase in sales of 19.8%.
Online games rental company GameFly Inc. closed out fiscal 2010 with a solid increase in sales, but also with lower net income, the company reports in new initial public offer documents filed recently with the U.S. Securities & Exchange Commission.
For the 2010 fiscal year ended March 31, GameFly, No. 157 in the Internet Retailer Top 500 Guide, recorded:
- Sales increased 19.8% to $101.46 million from $84.67 million in fiscal 2009.
- Spending on fulfillment grew 10.9% to $9.74 million from $8.78 million in fiscal 2009.
- Expenditures on technology and development rose year over year 13.1% to $7.4 million from $6.54 million.
- Spending on marketing increased 9.1% to $19.1 million from $17.5 million.
- The total number of subscribers increased 28.8% to 422,663 from 328,119.
- Average monthly revenue per subscriber was $19.50 compared with $20.12 in fiscal 2009.
- Net income was $453,000 compared with net income of $4.06 million in fiscal 2009.
In February, GameFly filed for an initial public offering with the SEC. GameFly could raise up to $50 million from the public offering and would use the capital for general business development and potential acquisitions. GameFly has yet to set specific terms or a final date for going public.
For the fourth quarter, GameFly also reported:
- Sales increased 22.7% to $24.60 million from $20.05 million in Q4 of fiscal 2009.
- Spending on fulfillment grew 14.5% to $2.68 million from $2.34 million in Q4 fiscal 2009.
- Expenditures on technology and development rose year over year 13.1% to $1.98 million from $1.75 million.
- Spending on marketing increased 25.6% to $1.96 million from $1.56 million in Q4 fiscal 2009.
- Net loss was $965,000 compared with a net loss of $272,000 in Q4 fiscal 2009.