Looks like 3DO is not the only one with big money issues.
Source Gamepro.
Acclaim President Resigns
17-JAN-03
Acclaim Entertainment announced today that Edmond Sanctis, their current president and chief operating officer, will resign his position effective January 31. The company also said it would cut administrative staff by 35 percent and reduce spending in other areas to help them return to profit, according to a statement released today.
Sanctis, who joined Acclaim in January 2002 after resigning his position as head of NBC's Internet operations a year earlier, will be replaced by Rod Cousens, head of the company's international division. "While the year ahead will be challenging for our organization, we are taking the necessary steps to build a sound foundation to once again become a leader in our industry," Cousens said in a release. "We are committed to improving every facet of our organization and building a strong worldwide portfolio of recognizable brands that supports our growth and return to profitability."
Acclaim lost a total of $13.9 million for the first quarter of fiscal 2003, the three-month period ending December 1, 2002, thanks to disappointing sales for BMX XXX and other holiday titles. That loss came out to 15 cents per share, far above the 3 cents a share investors expected them to lose, and the current administrative shakeup is apparently Acclaim's response to this worrying downward trend.
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Well at least I know why the behind the picther view was not implemented
Source Gamepro.
Acclaim President Resigns
17-JAN-03
Acclaim Entertainment announced today that Edmond Sanctis, their current president and chief operating officer, will resign his position effective January 31. The company also said it would cut administrative staff by 35 percent and reduce spending in other areas to help them return to profit, according to a statement released today.
Sanctis, who joined Acclaim in January 2002 after resigning his position as head of NBC's Internet operations a year earlier, will be replaced by Rod Cousens, head of the company's international division. "While the year ahead will be challenging for our organization, we are taking the necessary steps to build a sound foundation to once again become a leader in our industry," Cousens said in a release. "We are committed to improving every facet of our organization and building a strong worldwide portfolio of recognizable brands that supports our growth and return to profitability."
Acclaim lost a total of $13.9 million for the first quarter of fiscal 2003, the three-month period ending December 1, 2002, thanks to disappointing sales for BMX XXX and other holiday titles. That loss came out to 15 cents per share, far above the 3 cents a share investors expected them to lose, and the current administrative shakeup is apparently Acclaim's response to this worrying downward trend.
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Well at least I know why the behind the picther view was not implemented
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