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TOMB RAIDER 7
DEFERRED UNTIL FY06
Copyright 2005 Eidos plc
[ March 10th 2005 ]
Eidos
plc, one of the world's leading publishers and
developers of entertainment software, today announces
its interim results for the six month period ended
31 December 2004. Highlights for that period:
Turnover significantly lower due to limited H1
release schedule. Consequential operating losses
before goodwill of £26.5 million (operating loss
including goodwill £29.2 million)
Shellshock:
Nam '67 (new IP) achieved c. 900,000 unit sales.
Significant investment in R&D and next generation
platforms. Continued focus on management of cost
base. Additional short term working capital facility
of up to £23 million agreed with RBS. Strategic
decision to reschedule certain titles originally
planned for H2 release to FY06 including key franchise
titles Hitman and Tomb Raider.
Revised
release schedule expected to result in a signification
negative impact on the results for the current
financial year. Proposal received on 2 March 2005
of a possible cash offer at a price of 53 pence
per share, subject to one principal condition.
However there can be no assurance that this condition
will be satisfied and no certainty that an offer
will be made nor as to the terms on which any
offer might be made. This disclosure had not been
made with the consent of the other party.
Commenting
on the results, John van Fuffeler, Chairman of
Eidos, said: "As these results show, the first
half has been a very difficult period for Eidos.
Although we had expected to report an operating
loss in the first half given the release schedule,
this has been exacerbated by the deferral of the
PC version of Championship Manager 5 as anticipated,
and the disappointing performance of some of the
other titles released.
"On the
positive side, we have been pleased with the performance
of ShellShock: Nam '67 and with the good reviews
received for Project Snowblind from Crystal Dynamics
which forms part of a strong residual release
line up for the remainder of FY2005 including
Championship manager 5, LEGO Star Wars, Imperial
Glory and Commandos Strike Force.
"The
management team has devoted considerable time
and effort to the strategic review and today we
announce that we received a proposal on 2 March
2005 in relation to a possible cash offer at a
price of 53 pence per share subject to one principal
condition. However, there can be no assurance
that this condition will be satisfied and no certainty
that an offer will be made nor as to the terms
on which any offer might be made. This disclosure
has not been made with the consent of the other
party concerned. Given the financial position
and standalone prospects for the Company it is
the Board's current intention to recommend this
offer to shareholders if it is made.
"In
the absence of a successful conclusion to the
strategic review, the outlook for Eidos as an
independent company remains challenging and the
strategic decision to defer the release of certain
titles to FY06 will have a significant impact
on the expected results for the current financial
year as a whole."
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