RealNetworks has been beaten and battered over the past year, losing nearly a third of its value and watching a number of executives depart. But founder Rob Glaser, who stepped into the interim CEO role last July, got a bit of good news here today as the Seattle company announced that it posted a profit in the fourth quarter.
But Real isn’t out of the woods yet.
“We are pleased that we returned RealNetworks to profitability in the fourth quarter,” said Glaser in a press release announcing the company’s earnings. “Having said that, we still have considerable work to do to achieve sustained growth and profitability.”
For the fourth quarter, Real posted revenue of $67.3 million, a decrease of 16 percent compared to the same period in 2011. Net income was $3.1 million, which compared to a net loss of $2.8 million for the fourth quarter of 2011.
Apart from its GameHouse video-game unit, the company has gotten out of the business of selling content and now focuses more on behind-the-scenes technologies for wireless carries and digital media tools such as its RealPlayer software.
Real finished the year with $271.4 million in unrestricted cash, cash equivalents and short-term investments. Interestingly, the company’s market value stands at $264 million.
Here’s a look at the results: