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Funcom disaster: Annual 2012
gamesrfun
Member Posts: 127
One of the worst financial statements I have ever seen. Riddled with debt and with almost no cash left over, the company literally was posting transactions that provided for $10,000.00 in cash to pay for operations.
The stock is now trading at 1.43 NOK which is the equivalent of 24 cents US. Shareholder return for the year is at -92%.
The company flat out deceives on its report by listing employees as an average for the year rather than the number it has now: very shady. They aren't GAAP: someone should get canned for that.
Their F2P IP value has shrunk to 0. They no longer have a single F2P entity which they value above a rotten cheeseburger on the street. Their large scale MMO valuations did better: they only shrunk 75% over the year heh. Can you believe that a year ago they had the audacity to think that AO, AoC and TSW had a market value of 52 million dollars? Lolz. That's a pretty high valuation for assets that produced a net income of negative 50+ million dollars heh.
Anyways, I'm glad the old CEO sneaked away with nearly 400k in severance. He did a good job.
Honest!
