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ACCLAIM ANNOUNCES EARNINGS WARNING
11:05pm ET, friday march 17th
Acclaim announced today that its revenue and earnings for its second quarter and the 2000 fiscal year will be below analysts' expectations. The company expects this due to the slowdown in sales for the Nintendo 64 and Playstation. "Our industry is in the midst of a major transition, as manufacturers, retailers and game players await the next generation of powerful new video game consoles," said Gregory Fischbach, Co-Chairman and CEO of Acclaim, in a statement.
Acclaim has repeatedly placed partial blame on their recent earnings rut on sales of the N64. "Acclaim has been particularly affected" (by the next-gen transition) "due to our prior emphasis on the Nintendo 64 platform. Product demand has declined in our first two fiscal quarters, and we do not expect a rebound until the fall, when Sony releases its Playstation 2 console. Significant levels of sales for this and other new consoles are at least six months away, and we will not see the benefits for another nine to twelve months after those sales begin," Fischbach stated.
Acclaim has previously stated that they will be on board the Dolphin, ready with launch titles in 2001. Today, Fischbach revealed that Acclaim's research and development budget for fiscal 2000 is up by more than 50% as compared to last year. Later this year, Acclaim is set to release "All Star Baseball 2001," "Turok 3," and "NFL Quarterback Club 2001." Then it's on to the PSX2 and Dolphin.
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