Infogrames H1 net loss shrinks 34 pct - UPDATE |
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Fri, 30 Nov 2007 07:21
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(updates with more details of results, financial situation)PARIS (Thomson Financial) - Video games maker Infogrames Entertainment said its net loss shrank by 34 pct to 27.6 mln eur in its first half to September from 41.8 mln a year earlier after financing costs almost halved to 5.8 mln eur from 11.9 mln.The operating loss from ordinary activities widened to 40.1 mln eur from 33.4 mln, as sales dropped 13.6 pct to 91.2 mln eur from 105.5 mln.Didier Lamouche, chairman and chief executive officer of IT services company Bull, has been nominated as an independent director, Infogrames said.In addition, Jeffrey Lapin has replaced Eli Muraidekh as permanent board representative of BlueBay Asset Management.First half sales were especially affected by a drop in business in the US, where revenue fell by 62 pct year on year, the company said.Sales in Europe and Asia increased by 15 pct and 12 pct, respectively, it said.No major games produced by the publishing division were released by the group during the past six-month period. In order to take full benefit of strong seasonal market fluctuations, Infogrames plans to release its products during the current half year and expects this to have a positive impact on the gross margin, the company said.Infogrames said it is looking at ways to refinance its debt and to pay for its estimated 65-75 mln eur additional operating and investment needs for the next 12 months.The company's 51 pct owned US unit Atari Inc said earlier this month that it will withdraw from the production of video games and will focus on publishing and distribution in North America.Andrew.Newby@Thomson.coman/jfr/an/jfrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Infogrames says strategy unaffected by Atari's exit from games production 