King Digital Entertainment Proposes to Amend Memorandum of Association and to Adopt New Articles of Association
Aug 28 15
King Digital Entertainment plc proposed to amend clauses 2 and 3.19 in the Memorandum of Association of the company and to adopt new Articles of Association of the company to take account of certain changes arising as a consequence of the consolidation and amendment of Irish company law brought about by the Irish Companies Act 2014 with the intention of preserving the status quo and aligning the company's constitutional documents with those of comparable listed companies. The proposed changes include the updating of the statutory references throughout the Memorandum and Articles of Association of the company and also: the inclusion of a new Article 89(b) to clarify that the new restriction contained in Section 228(1)(d) of the Companies Act will not prohibit the directors using the company's property, subject to any restrictions imposed by the Board; the inclusion of a new Article 106(e) to clarify that Section 228 of the Companies Act will not prohibit a director entering into any commitment which restricts his powers which has been approved by the Board and provide that a Director must obtain the prior approval of the board before entering into any commitment permitted by Section 228 of the Companies Act; the amendment of Article 132 to take account of the new requirements concerning accounting records in the Companies Act, including that the directors may now send shareholders summary financial statements in lieu of the full statutory financial statements of the company and the amendment of Article 122 to restate the power of the company to declare dividends by ordinary resolution.
King Digital Entertainment plc Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015
Aug 13 15
King Digital Entertainment plc reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, revenue was $489.5 million against $593.6 million last year. Profit before tax was $159.6 million against $215.5 million last year. Profit was $119.3 million or $0.38 per basic and diluted share against $165.4 million or $0.52 per diluted share last year. Adjusted revenue was $499.9 million against $593.5 million last year. Adjusted EBITDA was $207.4 million against $248.2 million last year. Revenue decreased by $104 million in the quarter ended June 30, 2015 compared to the same period of the prior year. The decline in revenue compared to the same period of the prior year was primarily attributable to a decline in more mature games, particularly Candy Crush Saga, which experienced a decline in revenue of approximately 45% between the quarter ended June 30, 2015 and the quarter ended June 30, 2014, somewhat offset by an increase in revenue in newer games, particularly Candy Crush Soda Saga which launched on mobile at the end of the fourth quarter of 2014. For the quarter, the company continues to operate the business profitably, generating $207 million of EBITDA. The company’s performance was primarily due to increased efforts in the franchises, including high-quality new content, more frequent and new formats of live op events and release of the Sugar Track extension in Candy Crush. The company generated $151 million of net cash from operating activities and had modest CapEx of $13 million to end the quarter.
For the six months, revenue was $1,059.0 million against $1,200.3 million last year. Profit before tax was $370.5 million against $376.8 million last year. Profit was $283.4 million or $0.89 per diluted share against $292.6 million or $0.93 per diluted share last year. Net cash provided by operating activities was $313.9 million against $330.5 million last year. Purchases of intangible assets were $6 million against $3.9 million last year. Purchase of property, plant and equipment was $14.5 million against $12.0 million last year. Revenue decreased by $141 million in the six months ended June 30, 2015 compared to the same period of the prior year. The decline in revenue compared to the same period of the prior year was primarily attributable to a decline in more mature games, primarily Candy Crush Saga, which experienced a decline in revenue of approximately 46% between the six months ended June 30, 2015 and the six months ended June 30, 2014, partially offset by an increase in revenue in newer games, particularly Candy Crush Soda Saga which launched on mobile in the fourth quarter of 2014. The cash flow from operating activities primarily came from $283 million of profit, adjusted for $156 million of non-cash items, partially offset by $18 million related to changes in working capital, and $108 million of income tax and financing costs paid in the period.
The company expects third quarter of 2015, gross bookings to be between $460 million and $485 million and anticipates EBITDA margins in the mid-30s for the quarter, reflecting increased marketing investments for the new game launches.
King Digital Entertainment plc to Report Q2, 2015 Results on Aug 13, 2015
Jul 31 15
King Digital Entertainment plc announced that they will report Q2, 2015 results at 5:00 PM, GMT Standard Time on Aug 13, 2015