LANGHORNE, Pa., June 14, 2007 (PRIME NEWSWIRE) -- eGames, Inc. (Pink Sheets:EGAM), a developer and publisher of casual games for the PC and the Internet, today released its Statements of Cash Flows and Stockholders' Equity for the nine months ended March 31, 2007, in order to meet the current financial disclosure requirements under Rule 144 of the Securities Act of 1933. These additional financial statements should be read in conjunction with the Company's Balance Sheet at March 31, 2007 and its Statements of Operations for the nine months ended March 31, 2007 that were both previously released on May 14, 2007.
eGames, Inc. Statements of Cash Flows (Unaudited) Nine Months Ended March 31, -------------------------- 2007 2006 ----------- ----------- OPERATING ACTIVITIES: -------------------- Net loss ($1,014,773) ($534,992) Adjustment to reconcile net loss to net cash used in operating activities: Stock-based compensation 52,695 58,333 Depreciation 24,039 24,265 Changes in operating assets and liabilities: Accounts receivable, net 165,030 (740,494) Inventory, net 191,636 (62,582) Prepaid and other expenses 85,056 (25,384) Accounts payable (138,963) 317,775 Accrued expenses 120,011 38,981 ----------- ----------- Net cash used in operating activities (515,269) (924,098) ----------- ----------- INVESTING ACTIVITIES: -------------------- Purchases of furniture and equipment (17,246) (4,758) ----------- ----------- Net cash used in investing activities (17,246) (4,758) ----------- ----------- FINANCING ACTIVITIES: -------------------- ----------- ----------- Net cash provided by (used in) financing activities - 0 - - 0 - ----------- ----------- Net decrease in cash and cash equivalents (532,515) (928,856) Cash and cash equivalents: Beginning of period 1,526,629 2,412,162 ----------- ----------- End of period $ 994,114 $ 1,483,306 =========== =========== Supplemental cash flow information: Cash paid (refunds received) for income taxes $ 21,862 ($34,000) =========== =========== eGames, Inc. Statements of Stockholders' Equity (Unaudited) Additional Common Stock Paid-in Accumulated Shares Amount Capital Deficit ---------- ---------- ---------- ----------- Balances as of June 30, 2005 11,138,654 $9,179,827 $1,636,144 ($6,918,036) ========== ========== ========== ========== Net loss (1,038,698) Common stock warrants issued to shareholders of Cinemaware, Inc. 120,000 Common stock shares issued to shareholders of Cinemaware, Inc. 817,439 300,000 Common stock options issued to employees and directors 79,024 ---------- ---------- ---------- ----------- Balances as of June 30, 2006 11,956,093 $9,179,827 $2,135,168 ($7,956,734) ========== ========== ========== ========== Net loss (1,014,773) Common stock options issued to employees and directors 52,695 ---------- ---------- ---------- ----------- Balances as of March 31, 2007 11,956,093 $9,179,827 $2,187,863 ($8,971,507) ========== ========== ========== ========== Treasury Stock Stockholders' Shares Amount Equity ---------- ---------- ---------- Balances as of June 30, 2005 (231,900) ($ 501,417) $3,396,518 ========== ========== ========== Net loss (1,038,698) Common stock warrants issued to shareholders of Cinemaware, Inc. 120,000 Common stock shares issued to shareholders of Cinemaware, Inc. 300,000 Common stock options issued to employees and directors 79,024 ---------- ---------- ---------- Balances as of June 30, 2006 (231,900) ($ 501,417) $2,856,844 ========== ========== ========== Net loss (1,014,773) Common stock options issued to employees and directors 52,695 ---------- ---------- ---------- Balances as of March 31, 2007 (231,900) ($ 501,417) $1,894,766 =========== ========== ==========
About eGames, Inc.
eGames, Inc., headquartered in Langhorne, Pennsylvania, develops and publishes casual games for the PC and the Internet which now include the eGames(tm), Cinemaware(r) and Cinemaware Marquee(tm) brands. Additional information regarding eGames, Inc. can be found at http://www.egames.com.