SCi/Eidos Records $60.8m Loss In Full Year Results

British publisher SCi, owner of Eidos Interactive, has announced full year results in which the company recorded a net loss of $60.8m, blaming the difficult transition between console generations and calling on Sony to cut the price of the PlayStation 3.
Officials from British publisher SCi, owners of Eidos Interactive, have revealed details of the company’s full year results for the twelve months ended June 30th, 2007. During this period the company saw a loss of £30 million ($60.8m). Currently unaudited revenues for the year were put at £144.0 million ($291.6m), down 20 percent on the previous year, with the £30 million ($60.8m) loss, down from a profit of £8.1 million ($16.4m) the previous year. The company ascribes the poor results to the timing of new product launches and weaker retail prices on previous generation consoles, which has led to exceptionally high price protection charges of £14.5 million ($29.4m). In order to weather the transition between generations, the company has made an exceptional provision of £13.8 million ($27.9m) against the carrying value of capitalized development costs. This includes £4 million ($8.1m) specifically for PlayStation 3 development. In a statement the company indicated that, “The board continues to believe in the long-term commercial success of PlayStation 3 but believes this may take more time than originally forecast by Sony. The board is of the opinion that the key driver to the acceleration of the installed base of PlayStation 3 will be a further hardware price cut.” Key performers for the company during the year were Just Cause, which has now sold over one million units, Tomb Raider: Anniversary and Battlestations: Midway. The company acknowledged again that it was in acquisition talks with a number of companies, but failed to offer any further details. Commenting on the results CEO Jane Cavanagh said, “Despite the challenges posed in a hardware transition year the board has continued to focus on the objective of building long-term value." "We have made significant investments in the year to increase and broaden our product pipeline, improve the long-term efficiency of our development studios and grow our New Media business. We have the strongest portfolio of products moving forward in the history of the company”, she added.

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