Infogrames Announces Financial Results For Fiscal 2001
Infogrames, Inc., a global publisher of interactive entertainment software, has announced operating results for its fiscal year ended June 30, 2001. Full-year net revenue, which includes publishing and distribution revenue, was $310.5 million or virtually even with full-year net revenues of $313.2 million for the prior year. Publishing revenue for the period rose to $232.1 million from $188.4 million in the comparable year-earlier period. Distribution revenue was $78.4 million in fiscal 2001 as compared with distribution revenue of $124.8 million in the same 2000 period. The company reported a net loss of $60.7 million for the full year, or $1.07 per share, vastly improved over the year-earlier net loss of $397.6 million, or $22.13 per share. EBITDA (earnings before interest, taxes, depreciation and amortization) for the fiscal year ended June 30, 2001 was a loss of $30.7 million as compared with a loss of $306.1 million for fiscal 2000. Adjusted EBITDA, which excludes one-time events incurred during the period, improved substantially to a loss of $8.8 million, or $0.15 per share, for the 2001 period, from a loss of $176.1 million, or $9.80 per share, in the prior twelve-month period. The modest decline in full-year revenue was primarily attributable to the company's decreased emphasis on third-party distribution, which was partially offset by revenue gains generated by sales of product at Infogrames Interactive, Inc. (formerly Hasbro Interactive), which was acquired by the company's parent, Infogrames Entertainment SA (IESA) in January 2001. Additionally, the company reported continued strong sales of several key titles, including DRIVER 2 (more than 1.25 million units sold to date), DRIVER GREATEST HITS for PlayStation (approximately 800,000 units sold to date), and UNREAL TOURNAMENT for PlayStation 2 (more than 230,000 units sold to date). The company's financial results include the effect of its merger with Infogrames North America (Infogrames NA), which closed on October 2, 2000. Bruno Bonnell, chairman and CEO was pleased with the progress, identifying streamlined business processes and aggressive pursuit of new opportunities in development, licensing and franchises as part of the companys success. He also stated that it is unclear how the recent world events will affect the industry, but Infogrames remaining 2001 line-up will allow them to command a significant portion of holiday sales. Scheduled to be released in 2001 are several titles for PlayStation2 and new titles for the Xbox video game system from Microsoft, including NASCAR HEAT 2002, TEST DRIVE OFF-ROAD - WIDE OPEN and TRANSWORLD SURF.