This isn't exactly news

What you see in their income statement is that FC had been running a negative EBITDA in 2011 and 2012. Which is not a surprise in 2011 (prior to TSW's launch), but the 2012 result is pretty brutal even if you disregard the substantial write-offs.

What's more interesting is their quarterly report for 1Q 2013. This shows a number of things:

1. Quarterly revenues were up to USD 6.3m from 2.3m in Q1 2012 (i.e. before TSW). Remember that Q1 2013 is after TSW went FTP. So clearly revenues from TSW box sales and ingame shop were higher than AoC revenues, at least in Q1. I'd be interested to see how this will look in Q2, not sure but I can imagine that things may look a bit different.

2. Quarterly operating expenses were down to USD 4.6m from 6.8m. They also mention a reduction in headcount of 72%. The cost cuts apparently will only take full effect in the second half of the year (makes sense ofc). This will also be interesting to see.

3. The cost cuts apparently allowed them to show a positive EBITDA in Q1, but operating income was still negative. So it doesn't look like they're in a position to make substantial investments in any of their games atm.

Pretty gloomy overall...