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Aureal Turmoil

Poor fourth quarter financials are only the beginning for Aureal, as the company now faces the mass resignation of all executive officers and senior staff members. Aureal...
Poor fourth quarter financials are only the beginning for Aureal, as the company now faces the mass resignation of all executive officers and senior staff members. Aureal's fourth quarter operations generated a net loss of $9.5 million, a large increase from last year's fourth quarter loss of $3.5. Loss for the year as whole reached $26.9 million, compared to losses of $18.5 million in 1998. Aureal attributes some of this to $6.4 million in legal fees related to it patent suit with Creative Labs. Resignations followed the financials by a day, with President and CEO, Kip Kokinakis, Chief Technical Officer Scott Foster, Chief Financial Officer David Domeier, Chief Operating Officer and General Counsel Brendan O'Flaherty, and the senior staff of Aureal announcing their departure. The Aureal Board of Director has announced that it is considering all options, including new management, a sale of assets, or the cessation of operations.

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