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Acclaim Decline

Acclaim Entertainment is posting a loss for the year 2000. For the fiscal year ended August 31, Acclaim managed revenues of just $188.6 million for a net loss of $131.7 m...
Acclaim Entertainment is posting a loss for the year 2000. For the fiscal year ended August 31, Acclaim managed revenues of just $188.6 million for a net loss of $131.7 million. In contrast, the company reached revenues of $431 million and net earnings of $36 million in the previous year. Acclaim is blaming the decline on flat Nintendo 64 game sales, which had been Acclaim's main focus, as well as delay in the introduction of new titles. Though the Acclaim's operating expenses have been negatively impacted by researchs cost related to next-generation consoles, the company believes that the new platforms will return Acclaim profitability as early as next quarter. "Fiscal 2000 was a difficult, transition year for Acclaim," said and company spokesperson, "we anticipate a profitable first quarter and based on the plan that we have put in place, expect fiscal 2001 as a whole to be a turnaround year."

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