Game Trading Technologies, Inc. Announces First Quarter 2010 Financial Results

HUNT VALLEY, Md., May 18 /PRNewswire-FirstCall/ -- Game Trading Technologies, Inc. (OTC Bulletin Board: GMTD, "the Company" or "GTTI"), a leading game trading services provider focused on technology, supply and services in the fast growing, pre-owned video game market, announced today its first quarter results of operations for the first quarter ended March 31, 2010.  

Summary results for the first quarter ended March 31, 2010:

• GTTI reported revenue of $11,401,287 as compared to revenue of $8,341,060 for the first quarter ended March 31, 2009, an increase of $3,060,227 or 37%.  First quarter gross profit increased by $531,069 to $1,972,637, or 37%, as compared to $1,441,568 for the first quarter ended March 31, 2009.  The increase in revenue was due primarily to an increase in bulk sales along with the launch of a major new retailer program, "Great Games Under $20."  The gross profit margin percentage of 17.3% remained consistent, as the supply channels were similar.
• Excluding $2,877,170 for legal and accounting services, and charges resulting from warrants and stock options issuances related to the Company's private placement in February, 2010, total operating expenses in the first quarter ended March 31, 2010 increased by $207,483 to $987,761, or 27%, as compared to $780,278 for the first quarter ended March 31, 2009.
• The Company realized a net loss of $1,845,801 for the first quarter ended March 31, 2010 as compared to net income of $628,134 for the first quarter ended March 31, 2009.

Todd Hays, CEO of Game Trading Technologies stated: "We are pleased with the results of our first quarter, having achieved record revenues exceeding $11,000,000.  Even in a quarter with increased expenses as a result of financial-related distractions, we experienced exceptional revenue growth and demand for our services and all of the Company's core indicators are stronger than ever.  The trading platform that we have spent significant resources developing for our retail partners is starting to generate considerable traction as indicated by the sales growth and the number of trade-in partnerships we are establishing.  Consumers are realizing there is real value in their pre-owned video software and hardware collections.  As more trade-in programs take hold, it bodes well for the value-conscious customer and it is where the Company's business model is firmly positioned."

A full analysis of results for the three months ended March 31, 2010 is available in the Company's Form 10-Q, which is available on the Company's website at www.gtti.com, or by visiting the Securities and Exchange Commission website at www.sec.gov.

About Game Trading Technologies, Inc.

Founded in 2003 and headquartered in Hunt Valley, MD, Game Trading Technologies, Inc. is a leading video game trading services provider focused on valuation, procurement, refurbishment, and redistribution of pre-owned video games.  Game Trading Technologies, Inc. currently offers unique services, supported by innovative technologies to an array of national firms, allowing them to better serve customers who want to trade their games for store credit or purchase pre-owned games.  The foundation of most of these relationships is Game Trading Technologies, Inc.'s proprietary game trading database, which updates values on more than 10,000 video games and consoles on a daily basis according to market conditions.  Game Trading Technologies, Inc. shares are traded on the OTCBB under the symbol 'GMTD'.  Additional information is available within Company's website at www.gtti.com or by calling (877) 631-GAME (4263).

Forward Looking Statements

This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Game Trading Technologies' current expectations about its future results, performance, prospects and opportunities.  Game Trading Technologies has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Game Trading Technologies and are subject to a number of risks, uncertainties and other factors that could cause Game Trading Technologies' actual results, performance, prospects or opportunities during the remainder of 2010 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks are referenced in Game Trading Technologies' current report on Form 10-Q, which may be found at www.sec.gov or as may be described from time to time in Game Trading Technologies' subsequent SEC filings.  

SOURCE Game Trading Technologies, Inc.

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