JoWood makes their announcement
JoWood makes their announcement
Company News - posted by Saint_Proverbius on Fri 15 November 2002, 01:44:35
Tags: Gothic IIJoWood has made their announcement today, as promised(story), about the troubles they have had last quarter.
Against the background of the continuing economic recession, JoWooD Productions Software AG, a company listed on the Vienna Stock Exchange, reported a sharp drop in results in the third quarter of 2002. Though sales for the first nine months of 2002 of EUR 34.8 million were up by some 27% compared to the previous year, they were nevertheless considerably below expectations. Sales for the third quarter totalled EUR 6.1 million, whilst EBIT before the introduction of restructuring measures dropped to minus EURÂ 4.1 million.
These drastic shortfalls are attributable to the fact that sales of newly published titles were significantly below expectations ? particularly in the USA, the Benelux and Scandinavian countries ? and that the release of individual top titles had to be delayed.
JoWood has already introduced extensive restructuring measures so as to be able to concentrate on its core competences ? focusing on top titles with high sales potential. These measures will entail additional expenses of at least EUR 20 million.
For the time being, we have therefore delayed publication of our quarterly figures and a detailed outlook for the fourth quarter and the year 2002 as a whole. However, on the strength of orders already received, we anticipate a considerable increase in sales for the fourth quarter.
There is also a 15 page PDF summary of the problems and the plan on dealing with this situation.
Spotted this on RPGDot as well.
Against the background of the continuing economic recession, JoWooD Productions Software AG, a company listed on the Vienna Stock Exchange, reported a sharp drop in results in the third quarter of 2002. Though sales for the first nine months of 2002 of EUR 34.8 million were up by some 27% compared to the previous year, they were nevertheless considerably below expectations. Sales for the third quarter totalled EUR 6.1 million, whilst EBIT before the introduction of restructuring measures dropped to minus EURÂ 4.1 million.
These drastic shortfalls are attributable to the fact that sales of newly published titles were significantly below expectations ? particularly in the USA, the Benelux and Scandinavian countries ? and that the release of individual top titles had to be delayed.
JoWood has already introduced extensive restructuring measures so as to be able to concentrate on its core competences ? focusing on top titles with high sales potential. These measures will entail additional expenses of at least EUR 20 million.
For the time being, we have therefore delayed publication of our quarterly figures and a detailed outlook for the fourth quarter and the year 2002 as a whole. However, on the strength of orders already received, we anticipate a considerable increase in sales for the fourth quarter.
There is also a 15 page PDF summary of the problems and the plan on dealing with this situation.
Spotted this on RPGDot as well.
