Interactive entertainment company Bright Things has revealed its preliminary results for the year ended March 31st 2007.
The company was dented by the loss of sales of its Bubble games console through the year, meaning turnover was down to £205,000 (compared to £3,110,000 in 2006).
Bandai, which was the distributor of Bubble, experienced a disappointing response when the product was initially sold into channels in 2005. In the fourth quarter of 2006, it implemented a price reduction to dispose of all remaining stock. Bright Things is not expecting further orders from Bandai and will consider any future Bubble activity at the end of the current distribution agreement.
The company did, however, reduce its operating loss for the period - reduced to £3,344,000 (£5,462,000 in 2006).
Bright Things is now looking to the interactive DVD category, with its first entry into the market being Tomb Raider: The Action Adventure based around Lara Croft. It also has an agreement with EA to develop Tiger Woods PGA Tour 07 for release during the Christmas period.
The firm said there has also been progress with the development of its patented ASIC chip for use in applications other than Bubble, with a worldwide licensing agreement inked with Radica Games for the chips.
Bright Things completed a round of additional fundraising in November 2006, in which 10,000,000 new ordinary shares were allocated at a placing price of 11p. It also reviewed its overhead and cost base, resulting in a reduced headcount and relocation of its head office.
"Over the course of the last financial year, Bright Things has continued to make significant strategic progress, following the launch of the Bubble games console," said Dominic Wheatley, CEO of the firm. "With the majority of households now owning DVD players, we have identified a market opportunity to develop games for all ages to play on the DVD player. Furthermore, we continue to look for opportunities to use the ASIC chip we developed for Bubble in other applications.
"Looking ahead, whilst both the iDVDs and ASIC chip are potential revenue streams, we are also actively considering other initiatives, using our industry expertise in order to grow the business and to create value for our shareholders."