Mandalay Media Inc. reported unaudited consolidated earnings results for the second quarter and six months ended September 30, 2009. For the quarter, the company reported net loss of $1,201,000 or $0.03 per basic and diluted share on net revenues of $10,141,000 against net loss of $3,041,000 or $0.09 per basic and diluted share on net revenues of $5,003,000 in the same period of last year. Loss from operation was $380,000 against $2,384,000 in the same period of last year. Loss from operations before income taxes was $821,000 against $2,967,000 in the same period of last year. Adjusted EBITDA was $1,213,000 against adjusted LBITDA of $1,379,000 in the same period of last year. For the six months ended September 30, 2009, the company reported net loss of $2,162,000 or $0.05 per basic and diluted share on net revenues of $20,224,000 against net loss of $6,378,000 or $0.20 per basic and diluted share on net revenues of $10,349,000 in the same period of last year. Loss from operation was $521,000 against $5,285,000 in the same period of last year. Loss from operations before income taxes was $1,477,000 against $6,230,000 in the same period of last year. Adjusted EBITDA was $2,203,000 against adjusted LBITDA of $2,618,000 in the same period of last year. The company reaffirmed earnings guidance for the full year ending March 31, 2010. For the year, the company expects to generate revenue in excess of $40 million and adjusted EBITDA in excess of $4 million. The company expects organic growth, operating efficiencies and cost reductions throughout the year to deliver improved results for fiscal 2010.

Mandalay Media Inc. announced results for its 2010 fiscal year second quarter ended September 30, 2009. For the quarter ended September 30, 2009, Mandalay Media recorded EBITDA, excluding stock option expense and restructuring charges, a non-GAAP measure, of $1.2 million. This compares to Adjusted EBITDA loss of $1.4 million for the second quarter of fiscal 2009. The firm reported revenues of $10.1 million compared to $5 million in the second quarter of fiscal 2009; GAAP loss from operations and net loss were $0.4 million and $1.2 million, respectively, compared to GAAP loss from operations and net loss of $2.4 million and $3 million, respectively, in the second quarter of fiscal 2009. Ray Schaaf, President of Mandalay Media said, “We are in the process of a number of major initiatives to bring Mandalay to profitability and to create new revenue streams by launching new products. We will build the business both organically as well as through targeted strategic acquisitions.”

Mandalay Media Inc. announced that it has appointed Ray Schaaf as President, effective October 27, 2009. Mr. Schaaf, a veteran in the mobile entertainment industry, joins Mandalay Media as President from Arcadia Entertainment Inc. where he served as President and CEO. Ray also served as the former President of Publishing for Glu Mobile where he built and grew the company into one of the top world-wide mobile game publishers. In connection with Mr. Schaaf's appointment, Jim Lefkowitz was named Chief Operating Officer of Mandalay Media.