The company had a pre-tax loss for the quarter of 16.4 million pounds ($23.2 million), or 16p (22 cents) per share. Of note, the company's revenues in the North American market plunged over 52% compared to the same quarter last year.
Michael McGarvey, Chief Executive Officer, commented about the company's results: "In spite of reduced first quarter turnover, we have shown clear improvements in both gross margins and operating expenses in the period. The franchise titles Commandos 2: Men of Courage
and Who Wants be A Millionaire? 2
are shipping in September with pre-order levels in line with expectations. With the other key releases of our year, such as Championship Manager 01/02
and the next generation titles Soul Reaver II
, Project Eden
and Mad Dash
all still to ship, we have an excellent schedule of forthcoming releases."
Looking forward to next year, Ian Livingstone, Chairman, stated that "the entertainment software market has been showing encouraging signs of recovery, particularly in North America. We recognize, however, that consumer confidence in the USA and the rest of the world may be affected by the tragic events of last week."