SouthPeak Interactive Corporation (OTCBB: SOPK), one of the fastest growing videogame publishers, today announced financial results for the third quarter ended March 31, 2009.

For the three month period ended March 31, 2009, SouthPeak reported revenues of $13.5 million as compared to $2.2 million for the comparable quarter in 2008. Earnings before interest, taxes, depreciation and amortization, as adjusted ("Adjusted EBITDA"), was $825,000 as compared to Adjusted EBITDA of $142,000 in the comparable quarter in 2008. The non-GAAP net income for the quarter was $566,000, compared to non-GAAP net income of $20,000 in the comparable quarter in 2008. GAAP net income for the quarter was $289,000, or a profit per diluted share of $.01 compared to GAAP net income of $20,000, or a profit per diluted share of $.00 in the comparable quarter in 2008. See Supplemental Information for further discussion of non-GAAP measures

The quarterly results reflect strong momentum across all platforms, driven in part by post-holiday consumer demand and by several new releases during the quarter, including Big Bang Mini and X-Blades. For the three months ended March 31, 2009, the number of videogames sold improved to approximately 711,000 units, an increase of 497,000 units for the comparable period in 2008.

Third Quarter Highlights

• Increased revenue to $13.5 million, a 508% increase from $2.2 million in the third quarter of 2008.
• Increased non-GAAP net income to $566,000, compared to $20,000 in the third quarter of 2008.
• Increased net income to $289,000, compared to $20,000 in the third quarter of 2008.
• SouthPeak currently has over 60 titles under development for all platforms including the PS 3, PSP, Xbox 360, Wii, Nintendo DS and PC. Also working on several games for the iPhone.
• New titles such as X-Blades (PC, Xbox 360, PS3) and Big Bang Mini (Nintendo DS) highlighted the quarter.
• Continued demand for My Baby (Nintendo DS) makes it one of the best-selling titles on the Nintendo DS.
• Catalog titles accelerated SouthPeak’s growth, contributing to over 10% of sales.
• Videogame units sold were roughly 711,000 units in third quarter, an increase of 497,000 units for the comparable period in 2008.
• Subsequent to the third quarter, SouthPeak shipped titles including Velvet Assassin (Xbox 360 and PC) and Pirates vs. Ninjas (Wii).