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Conspiracy Entertainment Holdings, Inc. Reports Q3 2010 Earnings

^{Published on 2010-11-24 06:05:37 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Conspiracy Entertainment Holdings, Inc. ("[ Conspiracy Entertainment ]") (OTCBB: CPYE), through its wholly owned subsidiary, Conspiracy Entertainment Corporation, a developer, publisher and marketer of interactive entertainment software in North America and Western Europe, announced today its financial results for the third quarter ended September 30, 2010.

"Due to the delay of certain title releases, our revenues this Quarter were less than we expected to report, however our profit has increased, expenses decreased and we look forward to finishing the year strongly"

Revenues for the three months ended September 30, 2010 were $901,667, compared to $1,334,224 for the same period in fiscal 2009, representing a decrease of $442,557 or 32.9%. This decrease was primarily attributable to the release of Rock of the Dead (PS3a", X360) being postponed until Q4 2010. Revenues for the nine months ended September 30, 2010 were $5,115,505, compared to $5,645,415 for the same period in fiscal 2009 and gross profit for the nine months ended September 30, 2010 was $1,333,068, compared to $1,012,974 for the nine months ended September 30, 2009.

"Due to the delay of certain title releases, our revenues this Quarter were less than we expected to report, however our profit has increased, expenses decreased and we look forward to finishing the year strongly," commented Sirus Ahmadi, CEO of Conspiracy Entertainment.

The 4th Quarter 2010 will include Rock of the Dead (PS3a" and X360) that was released in mid-October. In addition, the Company continues to receive strong reorders for Real Heroes: Firefighter (Wii) as well as previous popular titles. The Company is also gearing up for the February 2011 release of The Ultimate Battle of the Sexes (Wii).

Ahmadi added, aWe are very pleased with the growth of our Company over the past three years and our prospects for the immediate and long term future. We will continue to communicate effectively and efficiently with our shareholders regarding corporate developments as well as title releases. The Company is well positioned to continue building shareholder value through the end of FY '10 and beyond.a

Details of the Company's quarterly results are filed and available on Form 10-QSB at [ http://sec.gov/Archives/edgar/data/1136424/000121390010004934/f10q0910_conspiracy.htm ].

About Conspiracy Entertainment Holdings, Inc.

Conspiracy Entertainment Holdings, Inc., through its wholly owned subsidiary, [ Conspiracy Entertainment Corporation ], is a developer, publisher and marketer of entertainment software in North America and Western Europe. The Company develops and licenses properties from several sources, including global entertainment and media companies and publishes software for DVD media, wireless devices, personal computers and video game consoles, including those manufactured by Nintendo, Sony Computer Entertainment, Inc., and Microsoft Corporation. Conspiracy Entertainment was founded in 1997 and is based in Santa Monica, CA.

Forward-Looking Statements

Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of Conspiracy Entertainment Holdings, Inc. can be found in the filings of Conspiracy Entertainment Holdings, Inc. with the U.S. Securities and Exchange Commission.