grvy compustat report

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






$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


GRVY

Industry Group: Software & Services

Mar

ket C

ap.


GRVY

Rev

enue


GRVY

Sub-Industry: Home Entertainment Software

Mar

ket C

ap.


GRVY

Rev

enue


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


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



Mar. 13, 2012


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



Mar. 13, 2012


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%



Mar. 13, 2012


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)



Mar. 13, 2012


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



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



Mar. 13, 2012


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.



Mar. 13, 2012


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



Mar. 13, 2012


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



Mar. 13, 2012


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.



Mar. 13, 2012


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



Mar. 13, 2012


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


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



Mar. 13, 2012


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


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



Mar. 13, 2012


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.

grvy compustat report

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