Redeye: Remedy - Royalty from Crossfire is a bonus

Remedy reported net sales in line with our estimates. Personnel expenses were lower than expected which resulted in a positive operating profit close to EUR 1 million (our estimate EUR -0.6 million). According to our sources Remedy will release three episodes for Crossfire HD. As stated in our initial analysis Remedy will have a “royalty opportunity” in these Crossfire episodes. We have been very conservative in our estimates for the expected obtained royalty. Actually, we have been so conservative we do not have an estimate for this royalty in our model, which means this will come as a bonus.

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