Eidos Announces Quarterly and Full Year Results

The company is reporting revenue of $32.1 million dollars for the quarter and $203.8 million for the year ended March 31. Those results translate to a quarterly loss of $38.3 million and $58.1 million for the year. "The Group's financial results in the year to March 31, 2001 were adversely affected by a combination of the cyclical downturn in the market which has characterized the transition to the new generation platforms, margin pressure resulting from an over supplied retail channel and the write off of our investment in Express.com," said Eidos CEO Michael McGarvey, "We have implemented a wide ranging cost reduction program which we anticipate will lead to further fixed cost reductions in the current financial year. We have also taken the decision to shift an increasing proportion of our development resources to in-house development teams and focus our efforts on new titles which we believe will generate substantial potential sales and on our proven franchise properties."