GRAVITY Co., Ltd.
Condensed Consolidated Balance Sheet
As of December 31, 2004 and March 31, 2005
(In million of Korean Won and in thousands of US dollars, except share and per share data)
December 31, | March 31, | |||||||||||||||
2005 | 2005 | 2004 | 2004 | |||||||||||||
US$ | KRW | US$ | KRW | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
ASSETS | ||||||||||||||||
Current assets : | ||||||||||||||||
Cash and cash equivalents | 11,791 | 11,812 | 16,376 | 16,405 | ||||||||||||
Short-term financial instruments | 90,653 | 90,816 | 8,884 | 8,900 | ||||||||||||
Accounts receivable | 8,984 | 9,000 | 7,308 | 7,321 | ||||||||||||
Current deferred income tax assets | 3,420 | 3,426 | 2,679 | 2,684 | ||||||||||||
Other current assets | 5,289 | 5,299 | 8,470 | 8,485 | ||||||||||||
Total current assets | 120,137 | 120,353 | 43,717 | 43,795 | ||||||||||||
Property and equipment, net | 15,641 | 15,669 | 14,924 | 14,951 | ||||||||||||
Leasehold and other deposits | 4,238 | 4,246 | 4,184 | 4,192 | ||||||||||||
Other non-current assets | 2,943 | 2,948 | 2,889 | 2,894 | ||||||||||||
TOTAL ASSETS | 142,959 | 143,216 | 65,714 | 65,832 | ||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current Liabilities : | ||||||||||||||||
Accounts payable | 2,727 | 2,732 | 7,260 | 7,273 | ||||||||||||
Deferred Income | 5,360 | 5,370 | 4,384 | 4,392 | ||||||||||||
Current portion of long-term debt | 802 | 803 | 1,276 | 1,278 | ||||||||||||
Accrued interest | 263 | 263 | 236 | 236 | ||||||||||||
Income taxes payble | 485 | 486 | 476 | 477 | ||||||||||||
Other current liabilities | 916 | 918 | 358 | 359 | ||||||||||||
Total Current Liabilities | 10,553 | 10,572 | 13,990 | 14,015 | ||||||||||||
Long term deferred income | 3,749 | 3,756 | 1,915 | 1,918 | ||||||||||||
Accrued severance benefits | 1,020 | 1,022 | 958 | 960 | ||||||||||||
Other non-current liabilities | 2,006 | 2,009 | 2,003 | 2,007 | ||||||||||||
TOTAL LIABILITIES | 17,328 | 17,359 | 18,866 | 18,900 | ||||||||||||
Total Shareholders’ Equity | 125,631 | 125,857 | 46,848 | 46,932 | ||||||||||||
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | 142,959 | 143,216 | 65,714 | 65,832 |
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GRAVITY Co., Ltd.
Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2004 and 2005, December 31, 2004
(In million of Korean Won and in thousands of US dollars, except share and per share data)
For the three months ended (unaudited) | ||||||||||||||||||||||||
Mar31, | Mar 31, | Dec 31, | Dec 31, | Mar 31, | Mar 31, | |||||||||||||||||||
2005 | 2005 | 2004 | 2004 | 2004 | 2004 | |||||||||||||||||||
US$ | KRW | US$ | KRW | US$ | KRW | |||||||||||||||||||
Total Net revenues | 15,805 | 15,833 | 16,431 | 16,461 | 16,000 | 16,029 | ||||||||||||||||||
Cost of revenues | 3,519 | 3,525 | 2,822 | 2,827 | 2,227 | 2,231 | ||||||||||||||||||
Gross profit | 12,286 | 12,308 | 13,609 | 13,634 | 13,773 | 13,798 | ||||||||||||||||||
Operating expenses : | ||||||||||||||||||||||||
General and administrative | 2,861 | 2,866 | 2,288 | 2,292 | 1,864 | 1,867 | ||||||||||||||||||
Research and development | 946 | 948 | 593 | 594 | 325 | 326 | ||||||||||||||||||
Advertising expenses | 560 | 561 | 1,252 | 1,254 | 545 | 546 | ||||||||||||||||||
Operating income | 7,919 | 7,933 | 9,476 | 9,494 | 11,039 | 11,059 | ||||||||||||||||||
Other income(expenses) : | ||||||||||||||||||||||||
Interest income | 450 | 451 | 241 | 241 | 77 | 77 | ||||||||||||||||||
Gain on foreign currency transaction | 77 | 77 | 151 | 151 | 28 | 28 | ||||||||||||||||||
Interest expense | (881 | ) | (883 | ) | (817 | ) | (818 | ) | (1,313 | ) | (1,315 | ) | ||||||||||||
Loss on foreign currency transaction | (322 | ) | (322 | ) | (558 | ) | (559 | ) | (141 | ) | (141 | ) | ||||||||||||
Income before income tax expenses | 7,243 | 7,256 | 8,493 | 8,509 | 9,690 | 9,708 | ||||||||||||||||||
Income tax expenses | 793 | 794 | 426 | 427 | 1,308 | 1,310 | ||||||||||||||||||
Income before minority interest & losses from equity method investee | 6,450 | 6,462 | 8,067 | 8,082 | 8,382 | 8,398 | ||||||||||||||||||
Minority interest | — | — | (17 | ) | (17 | ) | 1 | 1 | ||||||||||||||||
Equity in loss of related joint venture | 37 | 37 | (92 | ) | (92 | ) | — | — | ||||||||||||||||
Net income | 6,487 | 6,499 | 7,958 | 7,973 | 8,383 | 8,399 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||
Basic and diluted (Besed on ADS) | US$ | 0.26 | 257 | US$ | 0.36 | 359 | US$ | 0.38 | 378 | |||||||||||||||
Shares used in computation | ||||||||||||||||||||||||
Basic and diluted (Besed on ADS) | 25,244,488 | 25,244,488 | 22,195,600 | 22,195,600 | 22,195,600 | 22,195,600 |
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