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Eidos Releases First Half of 2005 Fiscal Results
by Nich Maragos
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March 10, 2005
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Eidos has released its financial results for the first half of fiscal year 2005, a six-month period ending December 31st, 2004. Compared to the same period in FY 2004, the first half of the year was a slow one, with very few games released, as Eidos continued to struggle to find a buyer for the ailing firm: the company posted an operating loss after taxes of 26.5 million euros ($38.5 million USD) as opposed to FY 2004's operating profit of 7.1 million euros ($9.53 million USD).
The bright spot in the first half of the year was the release of ShellShock: 'Nam 67, a new IP for Eidos that has sold 900,000 copies worldwide. The company hopes for greater results from the second half of the year, with the recent success of Project: Snowblind and an upcoming slate for the rest of FY 2005 that includes LEGO Star Wars, Imperial Glory, and Commandos Strike Force. However, Eidos' highest-profile games, the next entries in the Tomb Raider and Hitman franchises, have been pushed back to FY 2006 (after June 30th, 2005); the company did not specify whether they were expected for a holiday release or if they would launch in the second half of FY 2006.
Finally, Eidos indirectly commented on their search for a buyer: John van Kuffeler, Chairman of Eidos, reported that "We received a proposal received on 2 March 2005 in relation to a possible cash offer at a price of 53 pence per share subject to one principal condition. However there can be no assurance that this condition will be satisfied and no certainty that an offer will be made nor as to the terms on which any offer might be made. This disclosure has not been made with the consent of the other party concerned."
Van Kuffeler said that the board intends to recommend the offer to shareholders should it go through, but also indicated that if it does not succeed by late April, funding company RBS may force Eidos to sell its assets and intellectual property, presumably including the still attractive Tomb Raider franchise.
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