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Eidos Reports Net Loss, Hoping For Turnaround

Eidos announced results for the quarter which ended September 30, 2001, revealing that net sales fell 44 percent for the period, to 21,957 pounds.
As a result, the company had a net loss of 11 million pounds for the quarter (8.2 pence per share). Eidos executives cited Who Wants To Be A Millionaire? 2 for the PC and PSOne in the UK and Commandos 2: Men of Courage for the PC as its two major launches for the quarter. However, commenting on the results, Eidos' Chairman Ian Livingstone said that these titles didn't live up to the company's expectations. "Although more than 500,000 units of Commandos 2: Men of Courage were shipped on launch and the title entered the retail charts in the top five in all of our major markets, total sales of this title and the various new versions of Who Wants To Be A Millionaire? 2 failed to achieve the levels originally anticipated for them," Livingstone said. "All of our new releases in the period were on the PC CD and PSOne formats, with all of our major next generation titles for this year shipping after the period end." Releases for the remainder of the fiscal year include next-generation hardware versions of franchise titles such as Deus Ex, Who Wants to be a Millionaire? 2, Commandos 2: Men of Courage and Olympic Winter Games Salt Lake 2002, plus the new title Herdy Gerdy for the PS2. Eidos also announced that it will change its year-end during the current financial year to June 30, to help the company better forecast fiscal year results by putting the sales-heavy Christmas season in the middle of its tracking period. As a result, Eidos will report on the twelve months to March 31, 2002, and then report separately on the fifteen months to June 30, 2002, before adopting a regular June-to-June cycle.

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