Acclaim's Third Quarter

Acclaim Entertainment is reporting a sharp drop in revenues in the third quarter. The company pulled in just $4.8 million in the quarter, compared with $80 million in the same period one year ago. Whereas the company managed to break even in last year's third quarter, this year's third quarter result was a net loss of $49.7 million. The company attributes the poor results to slipped titles and price erosion during the console transition. Acclaim plans to address its financial woes by cutting costs by 25 percent by cancelling projects and reducing its workforce.