Acclaim revealed in an SEC filing today that it expects to post a loss of $40-$50 million for the quarter that ended in March, blaming lower revenues from its games, increased provisions for price concessions and returns, higher development costs, and res
Last year the company posted a profit of $4 million in the same quarter. Acclaim also reported that for the seven months that ended in March, it expects to report a net loss beween $60-$70 million. Last year during the same period it posted net income of $12 million. Wall Street took the news badly; investors sold off their shares in droves, causing Acclaim's stock to fall over 18 percent to 61 cents a share. It recovered some of that in afternoon trading, eventually closing the day at 64 cents.
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