The downturn was attributed to the fact that the firm has not yet found publishers for a number of unspecified games under development. The games in question were cast adrift when the original (unnamed) publisher collapsed. As a result, Warthog's board of directors believes that that the company's results for the year ended Mar. 31, 2003 will be below market expectations.
However, the board said it is "...confident that an element of the development revenue from these unsigned games will be recognised in the current year ending Mar. 31, 2004."