JoWooD Productions Software AG
euro adhoc: JoWooD Productions Software AG
Quarterly or Semiannual Financial Statements
JoWooD Productions Software AG: Q1 - Q3 Results (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
- Sales and results significantly below budget - Extensive restructuring measures introduced - Ongoing talks with companys bankers
Against the background of the continuing economic recession, JoWooD Productions Software AG, a company listed on the Vienna Stock Exchange, reported a sharp drop in results in the third quarter of 2002. Though sales for the first nine months of 2002 of EUR 34.8 million were up by some 27% compared to the previous year, they were nevertheless considerably below expectations. Sales for the third quarter totalled EUR 6.1 million, whilst EBIT before the introduction of restructuring measures dropped to minus EUR 4.1 million.
These drastic shortfalls are attributable to the fact that sales of newly published titles were significantly below expectations - particularly in the USA, the Benelux and Scandinavian countries - and that the release of individual top titles had to be delayed.
JoWood has already introduced extensive restructuring measures so as to be able to con-centrate on its core competences - focusing on top titles with high sales potential. These measures will entail additional expenses of at least EUR 20 million.
For the time being, we have therefore delayed publication of our quarterly figures and a detailed outlook for the fourth quarter and the year 2002 as a whole. However, on the strength of orders already received, we anticipate a considerable increase in sales for the fourth quarter.
We have already commenced talks with our bankers with a view to ensuring the neces-sary liquidity for the company.
The press conference scheduled for today has been delayed until the final figures for the third quarter have been released.
end of announcement euro adhoc 14.11.2002
Further inquiry note:
JoWooD Productions Software AG Andreas Tobler, CEO. Karin Kraberger, Investor Relations
Tel.: +43 (0)3614 2966 1015 mailo:investor@jowood.com http://www.jowood.com
Branche: Software
ISIN: AT0000747357
WKN: 074735
Index: ATX Prime, ViDX, WBI
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / free trade
Wiener Börse AG / official dealing