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Eidos Posts Lower Revenue, But Trims Loss

Eidos plc announced results for the 15 months up to June 30, an unusual reporting period which was the result of a shift in the company's fiscal calendar.
For the period, net revenue was 128.9 million pounds, down from 196.0 million pounds for the comparable 15-month period in the prior year. Eidos posted a pre-tax loss of 30.7 million pounds, much better than its 111.5 million-pound loss last year. To its credit, the company made deep cuts in its operating expenses, which it reduced by 24% by trimming overhead, and more than doubled its cash reserves to 73 million pounds. For the quarter which ended June 30, the company released just one new title, an Xbox version of Championship Manager: Season 01/02. During the entire 15-month period, the company released 21 titles, including 11 for PlayStation 2 and three for Xbox. Eidos management cited Blood Omen 2, Soul Reaver 2, and the PC versions of Commandos 2 and Championship Manager Season 01/02 as successful releases, each of which sold over 500,000 units. The rest of the titles failed to "meet expectations", according to Eidos.

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