grvy compustat report
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GRAVITY Co Ltd NASDAQ: GRVY
Price Performance
on 3/9/12 $2.72Price
$3.15 / 1.1352-Week High/Low
on 3/9/12 162,052Volume
284,26410-Day Avg. Volume
$2.10Price 1 Month Ago
29.5%1 Month Price Performance
$1.44Price 3 Months Ago
88.9%3 Month Price Performance
$1.40Price 6 Months Ago
94.3%6 Month Price Performance
$2.12Price 12 Months Ago
28.3%12 Month Price Performance
$75.6 MillionMarket Capitalization
1.23Beta
Key Statistics (Latest 4 Quarters)*
283.3%EPS Growth
-48.7%EPS Growth 3 Year, annualized
1.8%EPS Growth 5 Year, annualized
NASales Growth
NAAsset Turnover
NAInventory Turnover
NAReceivables Turnover
NAEffective Tax Rate
NATotal Debt to Equity
NAInterest Coverage
NAQuick Ratio
NACurrent Ratio
NAPayout Ratio
NADebt to Capital
Business Description
Gravity Co., Ltd. engages in the development
and publishing of online games in Japan,
Taiwan, Brazil, the Philippines, Indonesia,
Singapore, Malaysia, Thailand, and the
Russian Federation.
GRAVITY Co Ltd
15th Floor Nuritkum Square Business Tower,
1605 Sangam-dong
Seoul121-795
82 2 2132 7000
www.gravity.co.kr
Company to Industry Comparisons (Using S&P GICS Groupings)
Sector: Information Technology
Mar
ket C
ap.
$68.4 Th $508.3 B1095 companies
GRVY
Rev
enue
$1.0 Th $127.2 B1072 companies
GRVY
Industry: Software
Mar
ket C
ap.
$107.6 Th $268.4 B217 companies
GRVY
Rev
enue
$1.0 Th $69.9 B211 companies
GRVY
Industry Group: Software & Services
Mar
ket C
ap.
$68.4 Th $268.4 B505 companies
GRVY
Rev
enue
$1.0 Th $106.9 B491 companies
GRVY
Sub-Industry: Home Entertainment Software
Mar
ket C
ap.
$444.9 Th $18.3 B28 companies
GRVY
Rev
enue
$32.0 Th $12.3 B27 companies
GRVY
Benchmark Price Performance
Sub-IndustryIndustryGroupDuration
2.2%4.0%1 Month
-1.2%9.7%3 Month
-10.0%22.7%6 Month
-18.9%13.7%12 Month
Table of Contents
Overview 1
Historical Trend Data 2
Peer Analysis 3
Fundamental Ratios 4
Industry Overview 5
Earnings & Dividends 6
Annual Income Statement 7
Annual Balance Sheet 9
Annual Cash Flow 11
Quarterly Income Statement 12
Quarterly Balance Sheet 13
Quarterly Cash Flow 14
Glossary 15
This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither Standard & Poor's nor another party guarantees
its accuracy or makes warranties regarding results from its use. Redistribution is prohibited without written permission. Copyright © 2006. *Preliminary data
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data 2
Price & Earnings HistoryPrice ($US)
Calendar Year EPS $0.24 EPS$0.10 EPS$0.16 EPS$-0.27 EPS$-1.62 EPS$-0.35 EPS$0.71 EPS$0.83 EPS
NA – 14.5% NA – 362.9% + 83.3% NA – 37.5% + 140.0%Change in Earningsvs. Previous Year
2004 2005 2006 2007 2008 2009 2010 2011 2012
2
4
6
8
10
12
14
10 Week Moving Average
40 Week Moving Average
�Volume by Price
( 12-26 EMA) (EMA 9 )MACDThe MACD is presently offering a bullishsignal because it is above the signal line, a 9Month moving average, and higher than 0,which means that the underlying movingaverages are trending higher. -1
0
Moving Average DifferenceThe 10 and 40 Week moving averages indicatethat GRVY may be in a bullish trend. This isbecause the 10 Week moving average isabove the 40 Week moving average.
-1
0
(Millions)On Balance VolumeThe On Balance Volume indicator (OBV)presently offers a bullish signal. This isbecause the slope of the indicator is positiveand shows that there is considerable buyinginterest. 0
5
Revenue History (Millions of $)9.
914.0
12.6
14.2
12.8
9.5
9.811
.313.0
12.0
13.0
11.5
9.0
9.112
.0
11.6
10.1
9.811
.4
11.0
10.5
12.2
10.4
24.5
12.715
.620.6
14.4
13.3
14.0
Fundamentals 201220102009200820072006200520042003
--14.3x7.8x-6.2x-3.5x-6.6x-65.5x----Price/Earnings
--1.0x0.9x0.3x2.0x3.7x3.8x----Price/Sales
--0.6x0.6x0.2x1.1x1.5x1.7x----Price/Book Value
--7.0x4.2x3.1x-5.1x-9.7x86.4x----Price/Cash Flow--67.7%72.9%63.8%70.2%74.9%80.0%89.3%--Gross Margin
--7.1%12.0%-5.2%-57.7%-56.4%-5.7%43.6%--Profit Margin
--$128.3 Th$135.5 Th$80.8 Th$84.1 Th$82.2 Th$104.3 Th$156.0 Th--Sales/Employee
--$9.1 Th$16.3 Th-$4.2 Th-$48.5 Th-$46.4 Th-$5.9 Th$67.9 Th--Income/Employee
--4.3%8.3%-3.6%-30.7%-23.6%-2.5%55.6%--Return on Equity
--3.0%6.8%-2.9%-23.9%-18.9%-2.1%40.9%--Return on Assets
(Historical Growth) ---0.3x-0.2x0.6x0.4x--------PEG
--1.21.31.3-0.3--------Beta
--$0.00$0.00$0.00$0.00$0.00$0.00$0.00--Annual Dividend
--0.0%0.0%0.0%0.0%0.0%0.0%----Dividend YieldAll values in the Fundamentals table are calculated using fiscal year data unless otherwise noted
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data 3
Peer Comparison Ratios All values are for the last fiscal year unless otherwise noted.
Price to EarningsCurrent Peer Values
Pric
e to
Ear
ning
s
2006 2007 2008 2009 2010-30.0
70.0
--MMUS-7.9RST-7.0IPLY-5.9EGAM
14.3GRVY
PEG RatioLow P/EHigh P/EP/E (3/9/12)Company Name (Ticker Symbol)
(GRVY) *-0.3*2.5*6.8*5.9GRAVITY Co Ltd (MMUS) NANANANAMakeMusic Inc
(IPLY) 0.2-0.7-9.8-4.4Interplay Entertainment Corp (EGAM) NA-0.8-4.9-1.4Entertainment Games Inc
(LVFHF) NANANANALas Vegas From Home.com Entertainment Inc (RST) -0.7-6.8-16.6-10.3Rosetta Stone Inc
High and Low P/E are for trailing twelve months using diluted EPS excluding extraordinary items. PEG ratio is historical.
Valuation Line charts below give a 5 year history for GRVY and up to 5 peers.
The deciles below show the
current fiscal year distribution for
GRVY in several GICS groupings.
Price to Sales in Sector
In Industry
In Sub-Industry
Price to Cash Flow in Sector
In Industry
In Sub-Industry
Lowest Highest
Price to Sales
0.0
35.0
0.6RST1.0GRVY1.3MMUS2.7EGAM6.2IPLY
Price to Book
-20.0
20.0
15.0EGAM
1.3MMUS0.9RST0.6GRVY-3.0IPLY
Price to Cash Flow
-40.0
40.0
19.1MMUS
7.0GRVY-7.1EGAM-8.4IPLY
-14.4RST
Beta
-0.5
3.5
2.2EGAM1.7IPLY1.2GRVY1.0RST0.9MMUS
Price to Tangible Book
-20.0
30.0
-4.9EGAM-3.0IPLY1.2GRVY1.3RST2.8MMUS
Price to Free Cash Flow
-60.0
30.023.6MMUS
7.7GRVY
-11.9EGAM-12.6IPLY-24.7RST
Management Effectiveness
Return on Assets (%)
-800.0
600.0
3.0GRVY0.0MMUS
-7.2RST-35.1EGAM
-355.3IPLY
Return on Equity (%)
-300.0
200.0
36.4IPLY4.3GRVY0.0MMUS
-11.7RST
-211.9EGAM
Return on Investments (%)
-600.0
800.0
-76.6EGAM-11.7RST
0.0MMUS3.8GRVY
36.4IPLY
Return on Assets in Sector
In Industry
In Sub-Industry
Lowest Highest
Profitability
Gross Margin in Sector
In Industry
In Sub-Industry
Net Margin in Sector
In Industry
In Sub-Industry
Lowest Highest
Gross Margin (%)
40.0
100.0
90.5MMUS87.0IPLY84.9RST
67.7GRVY
44.7EGAM
Operating Margin (%)
-600.0
100.0
12.3GRVY2.1MMUS
-10.6RST-37.3EGAM-68.2IPLY
EBITDA Margin (%)
-600.0
100.0
19.9GRVY8.8MMUS
-7.3RST-37.1EGAM-67.0IPLY
Net Margin (%)
-500.0
2,500.0
-74.9IPLY-37.5EGAM-7.4RST0.0MMUS7.1GRVY
Effective Tax Rate (%)
-300.0
600.0
0.0IPLY0.0EGAM
28.5RST53.1GRVY98.4MMUS
Pretax Margin (%)
-500.0
2,500.0
-74.9IPLY-37.5EGAM-10.4RST
1.5MMUS15.1GRVY
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data 4
Peer Comparison
This peer comparison scatter shows a relative comparison of valuation,
management effectiveness and risk for GRVY and several peers.
Marker size = lower risk Higher risk
Pri
ce
to
Bo
ok
Return on Equity
-250.0% 0.0% 250.0%
-20.
0x0.
0x20
.0x
GRAVITY Co Ltd (GRVY)
MakeMusic Inc (MMUS)
Interplay Entertainment Corp (IPLY)
Entertainment Games Inc (EGAM)
Las Vegas From Home.com Entertainment Inc (LVFHF)
Growth Rates
Annual Sales Growth (%)Current Peer Values
Sal
es G
row
th
2006 2007 2008 2009 2010-100.0
350.0
-14.4EGAM-6.1GRVY-0.9MMUS1.5IPLY3.7RST
Annual EPS Growth (%)
-200.0
700.0
--RST-166.7EGAM-100.0MMUS-42.9GRVY
0.0IPLY
Financial Strength
Receivable Turnover
0.0
14.0 13.6EGAM12.2MMUS
8.6IPLY7.5GRVY
4.9RST
Current Ratio
0.0
12.0
5.4GRVY
0.1IPLY0.6EGAM1.9RST2.2MMUS
Total Debt to Equity
0.0
140.0
--GRVY0.0RST0.0IPLY0.0MMUS
47.6EGAM
Interest Coverage
-6,000.0
1,000.0
203.4GRVY-20.9IPLY
-164.3EGAM
--MMUS-5,681.4RST
Peer Group Relative StrengthRelative Price Performance for thefollowing companies:
GRAVITY Co Ltd
MakeMusic Inc
Interplay Entertainment Corp
Entertainment Games Inc
Las Vegas From Home.com Entertainment Inc
Rosetta Stone Inc
2004 2005 2006 2007 2008 2009 2010 2011 2012
0%
200%
400%
600%
800%
1,000%
1,200%
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data 5
Industry Comparison All values are for the last fiscal year unless otherwise noted.
This peer comparison table shows a list of the companies in the "Software" industry sorted by market capitalization.
Modified 1 Year1 Year % Current % Profit% ReturnTotal Debt % EPSRevenueRevenueMarket Cap. Marginon Capitalto CapitalGrowthGrowth(Millions of $)(Millions of $)Company Name (Ticker Symbol)
3.0-30.60.1-70.14.4212.9271.8CDC Software Corp (CDCSY)
-1.611.20.065.013.8104.6266.5Guidance Software Inc (GUID)
-18.486.40.8-17.518.283.8257.2Callidus Software Inc (CALD)
8.6-443.30.027.313.785.6255.8American Software Inc (AMSWA)
-31.9405.00.02.62.966.2254.8Glu Mobile Inc (GLUU)
13.3190.20.041.427.9113.3249.3Magic Software Enterprises Ltd (MGIC)
2.7--0.188.026.8862.9247.8ePlus Inc (PLUS)
13.619.00.02,200.07.5216.7225.2SeaChange International Inc (SEAC)
59.5-69.40.01,350.0413.036.3224.8Taomee Holdings Ltd (TAON)
-7.4-1,383.70.0--3.7268.4212.5Rosetta Stone Inc (RST)
-485.8279.50.0-28.6-86.015.6208.4The9 Ltd (NCTY)
15.7246.60.038.215.736.0199.5Digimarc Corp (DMRC)
-4.894.40.0--7.0160.0199.2KongZhong Corp (KONG)
---833.30.2----0.0198.4Surna Inc (SRNA)
6.5-1,329.00.0325.028.455.5185.1Ellie Mae Inc (ELLI)
-12.825.80.2---0.7317.8168.8CDC Corp (CDCAQ)
11.8-66.10.047.414.352.2160.3Sapiens International Corp NV (SPNS)
1.619.80.4-57.19.4425.4156.4TeleCommunication Systems Inc (TSYS)
-15.8950.70.10.037.926.1155.1Wave Systems Corp. (WAVX)
-42.7-388.60.0-1,014.3-7.482.8142.5FalconStor Software Inc (FALC)
12.638.90.18.692.7122.7125.8China TransInfo Technology Corp (CTFO)
20.2-98.70.0--29.3103.1124.8Sky-mobi Ltd (MOBI)
5.5100.70.0--65.6125.3116.2Majesco Entertainment Co (COOL)
-32.11,462.20.135.337.711.099.8Counterpath Corp (CPAH)
6.0-317.90.0-21.72.548.497.9Pervasive Software Inc (PVSW)
9.9502.40.035.721.530.397.6SRS Labs Inc (SRSL)
-276.3-223.00.0---55.757.889.0Smith Micro Software Inc (SMSI)
7.1193.40.0-42.9-6.146.375.6GRAVITY Co Ltd (GRVY)
0.7-26.30.0-66.71.217.972.3Datawatch Corp (DWCH)
55.538.70.0----24.469.6Trunkbow International Holdings Ltd (TBOW)
---882.69.1-33.3--0.069.1Santaro Interactive Entertainment Co (STIE)
-21.865.90.0-83.3-1.913.767.6TigerLogic Corp (TIGR)
-86.971.6-0.1----5.867.2ImageWare Systems Inc. (IWSY)
-33.12.11.016.510.779.964.0Cinedigm Digital Cinema Corp (CIDM)
-2,455.2-452.00.0-50.0-17.40.558.9Patriot Scientific Corp (PTSC)
14.3305.10.02.1-2.337.358.8Evolving Systems Inc (EVOL)
-14.0165.40.0--7.723.156.1Bitstream Inc (BITS)
-160.6-124.80.3-2,080.0-8.8121.751.8Motricity Inc (MOTR)
-156.8138.10.665.8-34.69.250.9Mandalay Digital Group Inc (MNDLE)
6.7559.60.0-58.30.817.649.9Cover-All Technologies Inc (COVR)
16.1-37.90.025.0-13.012.049.7Ninetowns Internet Technology Group Co Ltd (NINE)
24.4-390.40.0-75.013.219.946.0Mind Cti Ltd (MNDO)
4.4-86.90.2282.412.4247.342.5QAD Inc (QADB)
-4.815.60.0-140.017.947.241.1GSE Systems Inc (GVP)
-174.37,691.60.057.1477.64.637.8Single Touch Systems Inc (SITO)
-15.583.30.034.6-5.341.136.3Scientific Learning Corp (SCIL)
6.6-98.00.061.112.940.736.1Cimatron Ltd (CIMT)
-20.5-48.50.3-1,438.5-26.0665.335.8THQ Inc (THQI)
-0.5-38.70.0--0.196.835.7BSQUARE Corp (BSQR)
2.1130.50.1----89.235.0Rand Worldwide Inc (RWWI)
-1.9-92.80.5-800.0-1.110.833.7Park City Group Inc (PCYG)
15.992.10.0-66.76.34.031.8Destiny Media Technologies Inc (DSNY)
4.3228.00.0-52.13.216.330.1Versant Corp (VSNT)
-1.0424.20.1-100.023.225.229.1Sonic Foundry Inc (SOFO)
-2.1101.90.690.9-7.521.827.9Top Image Systems Ltd (TISA)
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. *Preliminary data 6
Earnings History
Standard & Poor's Core Earnings is a uniform methodology for calculating operating earnings, and focuses on a company's after-tax earnings gener-
ated from its principal businesses.
S&P Core EPS ($)
Not enough data to draw this chart.
Reported EPS ($)
0.23
*
0.09
0.06
0.08
0.010.08
0.02
0.01
-0.0
1
0.000.060.
15
-0.0
5
0.03
-0.0
1
-0.0
5
-0.2
4
-0.4
9
-0.1
3
-0.0
4
-0.9
6
-0.0
8
0.17
-0.0
2
-0.4
2
0.070.
250.39
0.210.
290.33
S&P Operating EPS ($)
0.23
*
0.09
0.06
0.08
0.020.08
0.02
0.01
0.000.05
0.060.
15
-0.0
5
0.03
-0.0
1
-0.0
5
0.00
-0.4
9
-0.1
3
-0.0
4
-0.9
1
-0.0
8
0.00
-0.0
2
-0.4
2
0.070.
250.39
0.210.290.33
Annual Earnings 201220102009200820072006200520042003
--0.120.24-0.08-0.67-0.92-0.111.22--S&P Core EPS ($)
--0.120.21-0.08-0.89-0.89-0.111.22--Reported EPS ($)
--0.130.26-0.08-0.65-1.01-0.111.22--S&P Operating EPS ($)
--1.001.141.000.751.031.001.00--Ratio of Core / Reported
Dividend Analysis
The data is not available to complete the SmartText analysis. Five of the 30 companies in the Home Entertainment Software sub-industry currently
pay a dividend. The list below shows which of those 5 companies have historically had the largest annual dividend payments. (The per share value
shown is the indicated annual dividend. All other data in this table is from the last fiscal year).
Annual CashShares DividendsOutstandingPayoutAnnual Dividend
(Millions of $)(Millions)Ratio (%)($ per share)Company Name (Ticker Symbol) (NTDOY) 1,236.31,023.01.30.69Nintendo Co Ltd
(KNM) 69.9136.10.40.52Konami Corp
(GA) --235.2--0.30Giant Interactive Group Inc
(ATVI) 194.01,142.8--0.18Activision Blizzard Inc
(EGAM) 0.017.40.00.06Entertainment Games Inc
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 7
Annual Income Statement Change vs. Previous Year
Summary: GRVY trades at a price that is below book value. Although its three-year revenue growth was in-line with the Home Entertainment
Software group norm, its Price to Book value was among the lowest in the industry.
Chart of Gross Profit (Loss) NA – 23.9% – 22.0% – 8.5% – 12.0% + 35.5% – 12.9%
40,000
60,000
Thousands of $US
20102009200820072006200520042003
$46,313$49,330$41,637$42,989$44,046$52,855$62,241-- Sales/Turnover (Net)
14,96313,35715,09112,82111,06410,5626,665-- Cost of Goods Sold
31,35035,97326,54630,16832,98242,29355,576-- Gross Profit (Loss)
22,15620,15220,07337,17844,56139,61815,156-- Selling, General and Administrative Expenses
9,19415,8216,473(7,010)(11,579)2,67540,420-- Operating Income Before Depreciation
1,8572,3233,6193,456489------ Amortization of Intangibles
3,4994,8366,6577,9948,0185,3173,108-- Depreciation and Amortization - Total
5,69510,985(184)(15,004)(19,597)(2,642)37,312-- Operating Income After Depreciation
283524981022,1374,572-- Interest and Related Expense
1,7212,0582,2373,2503,1972,822463-- Interest Income - Total
57(1,435)(1,500)(572)(1,849)(1,854)(891)-- Other Non-Operating Income
1,7786237372,6781,348968(428)-- Nonoperating Income (Expense) - Total
(442)(1,658)CF(9,210)6,48200-- Special Items
7,0039,915529(21,634)(11,869)(3,811)32,312-- Pretax Income
11(16)(149)263224312298-- Income Taxes - Foreign
00(38)(17)181268-- Deferred Taxes-Foreign
(233)74(552)598(8,914)5,0951,116-- Income Taxes - Deferred
3,7223,9052,6463,11612,977(809)5,222-- Income Taxes - Total
(18)6654438(2)(16)-- Minority Interest - Income Account
3,2995,944(2,171)(24,793)(24,854)(3,000)27,106-- Income Before Extraordinary Items
000091300-- Extraordinary Items
000091300-- Extraordinary Items and Discontinued Operations
3,2995,944(2,171)(24,793)(23,941)(3,000)27,106-- Net Income (Loss)
EARNINGS PER SHARE - DETAIL (EPS data in $US, Shares in Thousands)
0.120.21(0.08)(0.89)(0.89)(0.11)1.22-- EPS - Basic Excluding Extraordinary Items
0.120.21(0.08)(0.89)(0.86)(0.11)1.22-- EPS - Basic Including Extraordinary Items
0.120.21(0.08)(0.89)(0.89)(0.11)1.22-- EPS - Diluted Excluding Extraordinary Items
0.120.21(0.08)(0.89)(0.86)(0.11)1.22-- EPS - Diluted Including Extraordinary Items
0.130.26(0.08)(0.65)(1.01)(0.11)1.22-- EPS from Operations - Basic
0.130.26(0.08)(0.65)(1.01)(0.11)1.22-- EPS from Operations - Diluted
27,79627,79627,79627,79627,79627,21322,196-- Common Shares Used to Calculate EPS Basic
27,79627,79627,79627,79627,79627,21322,196-- Common Shares Used to Calculate EPS Diluted
SUPPLEMENTAL ITEMS1,7212,0582,2373,2503,1972,822463-- Interest Income - Total
AA Restated for/Reflects merger/acquisitionBD Reduced by an amount of depreciation which should be allocated to SGABJ Includes equity in unconsolidated subsidiaries
NR Statutory rate used in calculation
CF Combined Figure
AA
BDBDBDBDBDBDBD
BJBJBJBJBJBJBJ
BJBJBJBJBJBJBJ
NRNRNRNRNR
NRNRNRNRNR
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 8
Annual Income Statement, continued Change vs. Previous Year
Summary: While annual earnings at GRVY were negative at the beginning of the period, they trended upward over the last five years and are now
positive. Additionally, their earnings volatility is in line with the Home Entertainment Software industry average.
Chart of Acquisition/Merger Pretax NA NA NA NA NA NA NA
-22
-20
Thousands of $US
20102009200820072006200520042003
SPECIAL ITEMS - BREAKOUT($22)-------------- Acquisition/Merger Pretax
--------1,162------ Gain/Loss on Sale of Assets Pretax
(420)(207)------------ Impairment of Goodwill Pretax
--(1,417)------------ Settlement (Litigation/Insurance) Pretax
--(34)(9)(9,210)(2,032)------ Writedowns Pretax
--------5,319------ Special Items - Other Pretax
Price Chart with Quarterly EPS ( ) Overlay Earnings data is shown on calendar quarters for this chart.
2004 2005 2006 2007 2008 2009 2010 2011
5
10
$15
-1.00
-0.50
0.00
$0.50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Additional Summary Items: Over the last year, GRVY's revenue decreased at a rate that was in-line with the Home Entertainment Software group
norm. During fiscal year 2011, its annual revenue decreased by 6.1% to $46.3M.
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 9
Annual Balance Sheet Change vs. Previous Year
Summary: GRVY's capital structure consists of little or no debt.
Chart of Current Assets - Total NA + 139.3% – 12.5% – 18.1% – 26.8% + 25.4% – 5.2%
50,000
75,000
100,000
Thousands of $US
20102009200820072006200520042003
CURRENT ASSETS39,02544,11441,63657,26437,97225,61815,849-- Cash
15,47818,5235,6999,31349,28559,3078,598-- Short-Term Investments
54,50362,63747,33566,57787,25784,92524,447-- Cash and Short-Term Investments
7,2905,0765,1215,1512,3264,7377,127-- Receivables - Trade
0000007,228-- Receivables - Current - Other
7,2905,0765,1215,1512,3264,73714,355-- Receivables - Total
5,7313,5274,3575,9245,25918,6836,477-- Current Assets - Other (Sundry)
5,7313,5274,3575,9245,25918,6836,477-- Current Assets - Other - Total
67,52471,24056,81377,65294,842108,34545,279-- Current Assets - Total
NON-CURRENT ASSETS21,71520,52818,66924,31821,88319,83418,920-- Property Plant and Equipment - Total (Gross)
(19,352)(18,090)(14,577)(16,629)(12,773)(8,088)(4,661)-- Depreciation, Depletion, and Amortization (Accumulated)
2,3632,4384,0927,6899,11011,74614,259-- Property Plant and Equipment - Total (Net)
1,1829450CFCFCFCF-- Investment and Advances - Equity
001,9112110,51200-- Investment and Advances - Other
7,0681,0411,1361,5511,5601,4370-- Goodwill
29,9309,6648,73412,48811,17512,623530-- Intangibles - Other
36,99810,7059,87014,03912,73514,060530-- Intangible Assets - Total
2,9272,7042,4394,1764,5879,2726,248-- Assets - Other (Sundry)
2,9272,7042,4394,1764,5879,2726,248-- Assets - Other - Total
110,99488,03275,125103,577131,786143,42366,316-- Assets - Total
CURRENT LIABILITIESCFCFCF0001,111-- Long-Term Debt Due In One Year
0000001,111-- Debt in Current Liabilities
5,8742,7542,4224,8874,89511,1673,615-- Account Payable/Creditors - Trade
0CF638005471,132-- Income Taxes Payable
0CF42805,1851,186307-- Accrued Expenses
6,5664,3343,0885,9197,3316,3555,642-- Current Liabilities - Other (Sundry)
6,5664,3343,5165,91912,5167,5415,949-- Current Liabilities - Other
12,4407,0886,57610,80617,41119,25511,807-- Current Liabilities - Total
LONG-TERM LIABILITIESCFCFCF0000-- Long-Term Debt - Total
2,3002340521,15800-- Deferred Taxes - Balance Sheet
2,3002340521,15800-- Deferred Taxes and Investment Tax Credit
9,2108,8598,55911,9927,6884,5805,784-- Liabilities - Other - Total
CFCFCF22,85026,25723,83517,591-- Liabilities - Total
001077331220-- Minority Interest - Balance Sheet
AC Restated for/reflects an accounting changeTS Computed using straight-line method
UG Non-US company, data collected in US GAAP
CF Combined Figure
TSTSTSTSTSTSTS
UGUGUGUGUG
AC
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 10
Annual Balance Sheet, continued Change vs. Previous Year
Chart of Stockholders' Equity - Total NA + 145.4% – 11.8% – 23.5% – 25.8% + 19.7% + 7.9%
50,000
100,000
Thousands of $US
20102009200820072006200520042003
SHAREHOLDERS' EQUITY3,0732,9852,7203,7123,7353,4402,680-- Common/Ordinary Stock (Capital)
66,68664,79358,92580,28180,31674,1602,107-- Capital Surplus/Share Premium Reserve
7,5593,890(1,762)(3,339)21,44741,96643,938-- Retained Earnings
77,31871,66859,88380,654105,498119,56648,725-- Common/Ordinary Equity - Total
77,31871,66859,88380,654105,498119,56648,725-- Stockholders' Equity - Total
110,99488,03275,125103,577131,786143,42366,316-- Liabilities and Stockholders' Equity - Total
27,79627,79627,79627,79627,79627,79622,196-- Common Shares Outstanding (Millions)
DEBT COMPONENTSCFCFCF0000-- Debt - Capitalized Lease Obligations
DEBT MATURITY TABLECFCFCF0001,111-- Debt - Maturing 1st Year
11926,38035,4500000-- Debt - Maturing 2nd Year
12616,26200000-- Debt - Maturing 3rd Year
80000000-- Debt - Maturing 4th Year
SUPPLEMENTAL4,9633,2232,5743,8896,5015,1815,449-- Deferred Revenue - Current
7,9548,3007,70510,9486,3042,9651,892-- Deferred Revenue - Long-Term
CFCFCF0000-- Debt - Mortgages and Other Secured
RENTAL COMMITMENTS2,2482,2912,3493,4403,5553,230703-- Rental Commitments - Minimum - 1st Year
2,0612,1562,2322,868132,8535-- Rental Commitments - Minimum - 2nd Year
02,0622,1712,775000-- Rental Commitments - Minimum - 3rd Year
002,0882,803000-- Rental Commitments - Minimum - 4th Year
0002,835000-- Rental Commitments - Minimum - 5th Year
4,3096,5098,84014,7213,5686,083708-- Rental Commitments - Minimum - 5-Year Total
UG Non-US company, data collected in US GAAP CF Combined Figure
UGUGUGUGUG
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 11
Annual Cash Flow Change vs. Previous Year
Summary: GRVY generates less sales from the use of its assets than nearly any other company in the Home Entertainment Software group. This is
evidenced by its 2011 Total Asset Turnover of 0.4x. Additionally, the productivity of its assets has decreased during each of the last three years.
Chart of Operating Activities - Net Cash Flow NA – 43.7% Not Meaningful – 1,173.0% Not Meaningful + 150.4% – 45.6%
0
20,000
Thousands of $US
20102009200820072006200520042003
OPERATING ACTIVITIES$3,281$6,010($2,171)($24,793)($24,854)($3,000)$27,106-- Income Before Extraordinary Items
0000(913)00-- Extraordinary Items and Discontinued Operations
3,2804,8356,6577,9948,0185,3173,107-- Depreciation and Amortization
(233)74(559)(598)8,996(6,170)(1,117)-- Deferred Taxes
3051,2244,0081,0961,189390286-- Equity in Net Loss (Earnings)
(201)3660(1,162)00-- Sale of PP&E and Investments - (Gain) Loss
1,45592398410,7353,9664,933945-- Funds from Operations - Other excluding Option Tax Benefit
1,45592398410,7353,9664,933945-- Funds from Operations - Other
1,073228(1,091)(2,731)2,72910,412(508)-- Accounts Receivable - Decrease (Increase)
(1,106)(518)(1,594)(4,956)(2,326)6,042781-- Accounts Payable and Accrued Liabilities - Increase (Decrease)
325(433)243272(328)(613)61-- Income Taxes - Accrued - Increase (Decrease)
(760)1,284(1,099)1,6263,793439874-- Assets and Liabilities - Other (Net Change)
7,41913,6305,444(11,355)(892)17,75031,535-- Operating Activities - Net Cash Flow
INVESTING ACTIVITIES4,8601974,741CF10,62901,201-- Increase in Investments
4,695006840495146-- Sale of Investments
3,096(11,810)1,24139,36615,181(50,464)(7,052)-- Short-Term Investments - Change
1,2825391,7364,5343,0738,37511,906-- Capital Expenditures
4093051,35910,2787721-- Sale of Property, Plant, & Equipment
9,97400009,1020-- Acquisitions
(5,754)(2,545)(2,139)(5,524)104(10,894)1,630-- Investing Activities - Other
(14,039)(15,082)(7,070)31,35111,861(78,263)(18,362)-- Investing Activities - Net Cash Flow
FINANCING ACTIVITIES0000071,1250-- Sale of Common and Preferred Stock
00000CF0-- Purchase of Common and Preferred Stock
37012016627512390-- Long-Term Debt - Issuance
1271672307438301,2762,546-- Long-Term Debt - Reduction
CFCFCFCFCFCFCF-- Changes in Current Debt
243(47)(64)(468)(818)69,888(2,546)-- Financing Activities - Net Cash Flow
(1)(78)1,3610000-- Exchange Rate Effect
CHANGE IN CASH AND CASH EQUIVALENTS(6,378)(1,577)(329)19,52810,1519,37510,627-- Cash and Cash Equivalents - Increase (Decrease)
SUPPLEMENTAL ITEMS28352498992,4514,988-- Interest Paid - Net
3,3193,8153,0803,7824,9046,5826,700-- Income Taxes Paid
CF Combined Figure
Additional Summary Items: GRVY's ability to collect its accounts receivable is in-line with the Home Entertainment Software group norm. In 2011, the
average number of days its accounts receivable were outstanding was 57. However, this was 2 days slower than the accounts receivables
collection during the previous year.
During Fiscal Year 2011, GRVY spent $1.3M on capital expenditures. This amount represented a steady decrease in spending over the last four years.
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 12
Quarterly Income Statement Change vs. Previous Year
Chart of Gross Profit (Loss) – 3.4% + 58.7% – 0.3% – 9.3% + 4.9% – 31.1% NA
6,000
8,000
Thousands of $US
12/31/119/30/116/30/113/31/1112/31/109/30/106/30/103/31/10Quarter Ending onPreliminary
--$9,935$14,043$12,586$14,217$12,763$9,493$9,840 Sales/Turnover (Net)
--4,3875,9894,9065,7484,2704,1424,302 Cost of Goods Sold
--5,5488,0547,6808,4698,4935,3515,538 Gross Profit (Loss)
--3,4436,1535,2677,2255,3635,1474,421 Selling, General and Administrative Expenses
---------------- Operating Income Before Depreciation
--CFCFCFCFCFCFCF Depreciation and Amortization - Total
--2,1051,9012,4131,2443,1302041,117 Operating Income After Depreciation
--8151513825 Interest and Related Expense
--62942032744339485685 Nonoperating Income (Expense) - Total
0000(442)000 Special Items
(862)2,7262,3062,7251,2323,5161,0581,197 Pretax Income
--AFAFAF(233)AFAFAF Income Taxes - Deferred
--2508367311,1001,120664838 Income Taxes - Total
--(42)(207)(201)(63)21222 Minority Interest - Income Account
6,3612,5181,6772,1951952,375392337 Income Before Extraordinary Items
6,3612,5181,6772,1951952,375392337 Net Income (Loss)
EARNINGS PER SHARE - DETAIL (EPS data in $US, Shares in Thousands)
0.230.090.060.080.010.080.020.01 EPS - Basic Excluding Extraordinary Items
0.230.090.060.080.010.080.020.01 EPS - Basic Including Extraordinary Items
0.230.090.060.080.010.080.020.01 EPS - Diluted Excluding Extraordinary Items
0.230.090.060.080.010.080.020.01 EPS - Diluted Including Extraordinary Items
0.230.090.060.080.020.080.020.01 EPS from Operations - Basic
0.230.090.060.080.020.080.020.01 EPS from Operations - Diluted
27,79627,79627,79627,79627,79627,79627,79627,796 Common Shares Used to Calculate EPS Basic
27,79627,79627,79627,79627,79627,79627,79627,796 Common Shares Used to Calculate EPS Diluted
12 MONTH MOVING EPS0.460.240.230.190.120.100.020.06 EPS Basic Excl. Extraordinary Items
0.460.240.230.190.120.100.020.06 EPS Diluted Excl. Extraordinary Items
0.460.250.240.200.130.110.080.12 EPS from Operations
0.460.250.240.200.130.110.080.12 EPS from Operations - Diluted
SPECIAL ITEMS - BREAKOUT--------(22)------ Acquisition/Merger Pretax
--------(420)------ Impairment of Goodwill Pretax
NC S&P calculation and may disagree with company reportsNR Statutory rate used in calculationZA Weighted Average Shares are AveragedZF Weighted Average Shares are Carried Forward/Shares Outstanding Carried
Forward From Prior Period
ZR Weighted Average Shares are Reported
AF Annual Figure
CF Combined Figure
NC
NC
NCNR
NCNR
ZFZRZRZRZAZRZRZR
ZFZRZRZRZAZRZRZR
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 13
Quarterly Balance Sheet Change vs. Previous Year
Chart of Current Assets - Total – 0.7% + 5.4% – 11.4% – 0.1% + 5.5% – 10.6% NA
70
80
Millions of $US
12/31/119/30/116/30/113/31/1112/31/109/30/106/30/103/31/10Quarter Ending onPreliminary
CURRENT ASSETS--$53$59$57$55$65$62$63 Cash and Short-Term Investments
--5557555 Receivables - Total
--6766665 Current Assets - Other - Total
--64716768767273 Current Assets - Total
NON-CURRENT ASSETS--------22------ Property Plant and Equipment - Total (Gross)
32,76832,76832,76832,768(19)32,76832,76832,768 Depreciation, Depletion, and Amortization (Accumulated)
--2332222 Property Plant and Equipment - Total (Net)
--------7------ Goodwill
--37413930121111 Intangibles - Other
--40454341161515 Assets - Other - Total
102106119113111948990 Assets - Total
CURRENT LIABILITIES--CFCFCFCFCFCFCF Debt in Current Liabilities
--3546332 Account Payable/Creditors - Trade
--CFCFCF0CFCFCF Income Taxes Payable
--5667544 Current Liabilities - Other
--8121012886 Current Liabilities - Total
LONG-TERM LIABILITIES--CFCFCFCFCFCFCF Long-Term Debt - Total
--CFCFCF2CFCFCF Deferred Taxes and Investment Tax Credit
--911119999 Liabilities - Other - Total
1517232124171615 Liabilities - Total
SHAREHOLDERS' EQUITY33333333 Common/Ordinary Stock (Capital)
--64716967676567 Capital Surplus/Share Premium Reserve
--1312108754 Retained Earnings
8780868277777374 Common/Ordinary Equity - Total
8780868277777374 Stockholders' Equity - Total
102106119113111948990 Liabilities and Stockholders' Equity - Total
2828282828282828 Common Shares Outstanding (Millions)
SUPPLEMENTAL--AFAFAF--AFAFAF Pension Expense
--4555433 Deferred Revenue - Current
--7888888 Deferred Revenue - Long-Term
UG Non-US company, data collected in US GAAPZF Weighted Average Shares are Carried Forward/Shares Outstanding Carried
Forward From Prior Period
AF Annual Figure
CF Combined Figure
UGUGUGUGUGUGUGUG
UGUGUGUGUGUGUGUG
ZF
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 14
Quarterly Cash Flow Change vs. Previous Year
Chart of Operating Activities - Net Cash Flow NA NA NA NA NA NA NA
7,000
8,000
9,000
Thousands of $US
12/31/119/30/116/30/113/31/1112/31/109/30/106/30/103/31/10Quarter Ending onPreliminary
OPERATING ACTIVITIES$12,751$6,390$3,872$2,195$3,299$3,104$729$337 Income Before Extraordinary Items
--------3,280------ Depreciation and Amortization
--------(233)------ Deferred Taxes
--------305------ Equity in Net Loss (Earnings)
--------(201)------ Sale of PP&E and Investments - (Gain) Loss
--------1,455------ Funds from Operations - Other excluding Option Tax Benefit
--------1,455------ Funds from Operations - Other
--------1,073------ Accounts Receivable - Decrease (Increase)
--------(1,106)------ Accounts Payable and Accrued Liabilities - Increase (Decrease)
--------325------ Income Taxes - Accrued - Increase (Decrease)
--------(760)------ Assets and Liabilities - Other (Net Change)
--------7,419------ Operating Activities - Net Cash Flow
INVESTING ACTIVITIES--------4,860------ Increase in Investments
--------4,695------ Sale of Investments
--------3,096------ Short-Term Investments - Change
--------1,282------ Capital Expenditures
--------40------ Sale of Property, Plant, & Equipment
--------9,974------ Acquisitions
--------(5,754)------ Investing Activities - Other
--------(14,039)------ Investing Activities - Net Cash Flow
FINANCING ACTIVITIES--------370------ Long-Term Debt - Issuance
--------127------ Long-Term Debt - Reduction
--------CF------ Changes in Current Debt
--------243------ Financing Activities - Net Cash Flow
--------(1)------ Exchange Rate Effect
CHANGE IN CASH AND CASH EQUIVALENTS--------(6,378)------ Cash and Cash Equivalents - Increase (Decrease)
SUPPLEMENTAL ITEMS--------28------ Interest Paid - Net
--------3,319------ Income Taxes Paid
CF Combined Figure
GRAVITY Co Ltd NASDAQ: GRVY
Compustat Company Research
Mar. 13, 2012
Copyright ©2006 The McGraw•Hill Companies, Inc. 15
Glossary
Global Industry Classification Standard (GICS) - An industry classificationstandard, developed by Standard & Poor's in collaboration with Morgan StanleyCapital International (MSCI). A company is assigned to a single GICS
sub-industry according to the definition of its principal business activity asdetermined by Standard & Poor's and MSCI. Revenues are a significant factor indefining principal business activity; however, earnings analysis and marketperception are also important criteria.
S&P Core Earnings - Standard & Poor's Core Earnings is a uniform methodology
for calculating operating earnings, and focuses on a company's after-taxearnings generated from its principal businesses. Included in the definition areemployee stock option grant expenses, pension costs, restructuring chargesfrom ongoing operations, writedowns of depreciable or amortizable operatingassets, purchased research and development, M&A related expenses andunrealized gains/losses from hedging activities. Excluded are pension gains,
impairment of goodwill charges, gains or losses from asset sales, reversal ofprior-year charges and provision from litigation or insurance settlements.
Preliminary Data - Preliminary update indicates that the company has beenupdated from a source with limited financial data, but the data is expected tobecome available or has been available historically. Final update (not indicated)
means that the company has been updated from a complete source (usually theForm 10-K or 10-Q), and no further data will be available.
Dividends - Values for dividends in this report are not split adjusted.
Presentation for Financial Services - For companies that fall under a Financial
Services classification, annual income statement and balance sheet informationis displayed with financial specific data items. Please note, however, that allquarterly financial statements and the annual statement of cash flow aredisplayed in the standardized industrial template format.
Modified Return on Capital - This value from page 5 is calculated using aformula that equally weights return on capital, defined as the trailing twelvemonths' earnings before interest and taxes, and earnings yield, defined as
earnings before interest and taxes divided by market value plus net debt.
S&P Operating EPS - Earnings from Operations represents earnings per sharethat excludes the effect of all nonrecurring events. EPS is adjusted to remove theeffect of all special or one-time items from the calculation.
Value Scales - Abbreviations for scale are as follows: Th = Thousand, M =Million, B = Billion, and T = Trillion.
Company to Industry Comparison - The Market Capitalization and Revenuecharts on page 1 are displayed using a logarithmic scale to accommodate thelarge range of values that are shown.
Balance Sheet Debt Components - The sum of the Debt Components below theBalance Sheet may not equal "Long-Term Debt - Total" due to the fact that, forsome companies, the debt component can include "Long-Term Debt Due in OneYear," which is a short-term liability.
PEG Ratio - The computation of PEG (on pages 2 and 3) includes 3 years of
compounded earnings growth.
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