3DO ist konkurs... haben chapter 11 beantragt.. tja :/
Verfasst: Fr 30.05.2003 - 09:45
Dow Jones Business News
3DO Files for Chapter 11 Following Lowered Views
Wednesday May 28, 10:13 pm ET
Dow Jones Newswires
REDWOOD CITY, Calif. -- 3DO Co. filed voluntary petitions under Chapter 11 of the bankruptcy code, saying it plans to sell either the entire company or certain assets.
In a press release Wednesday evening, 3DO Chairman Trip Hawkins said the company hopes the filing will generate additional opportunities.
Both the parent, Delaware corporation, and the California subsidiary of the same name are included in the 3DO Co. filing.
Earlier this month, the video-game maker said it would cut at least 50 from its work force and that it was mulling its strategic options, citing the inability to raise capital.
Fourth-quarter revenue was slated at about $10 million, just more than half of the company's February guidance of $18 million. In the third quarter, revenue came in at about $4 million, down from more than $15 million last year.
Nasdaq notified the company in February that it failed to meet the $10 million shareholder equity threshold, and was thus eligible for delisting. The company was able to stay the delisting, pending plans by 3DO to issue about 1.76 million shares to Mr. Hawkins in connection with the cancellation of about $3 million in debt the chairman and chief executive held, a move that was completed May 22.
Before cutting its fourth-quarter view, 3DO had planned 2003 revenue of $80 million and targeted revenue of $90 million in fiscal 2004, a view that was already lowered from more than $100 million last October.
Last December, the company's shares traded at $4. They closed Wednesday at $ 1.33, up nine cents, or 7.3% on Nasdaq trading.
The press release for the company's second-quarter earnings release said " Strong Growth and Profits Expected For 2003." However, the third quarter loss was $7.7 million before items, with a per-share loss of $2.25. For the nine months ended Dec. 31, the company lost $2.97 a share, or $10 million. Results for the fiscal year ended March 31 have yet to be filed.
As of Dec. 31, assets were $29.3 million, down from $44.9 million at the end of fiscal 2002.
The software company's prominent titles include High Heat Major League Baseball and Heroes of Might and Magic.
-Gregg Henglein; Dow Jones Newswires; 201-938-5400
3DO Files for Chapter 11 Following Lowered Views
Wednesday May 28, 10:13 pm ET
Dow Jones Newswires
REDWOOD CITY, Calif. -- 3DO Co. filed voluntary petitions under Chapter 11 of the bankruptcy code, saying it plans to sell either the entire company or certain assets.
In a press release Wednesday evening, 3DO Chairman Trip Hawkins said the company hopes the filing will generate additional opportunities.
Both the parent, Delaware corporation, and the California subsidiary of the same name are included in the 3DO Co. filing.
Earlier this month, the video-game maker said it would cut at least 50 from its work force and that it was mulling its strategic options, citing the inability to raise capital.
Fourth-quarter revenue was slated at about $10 million, just more than half of the company's February guidance of $18 million. In the third quarter, revenue came in at about $4 million, down from more than $15 million last year.
Nasdaq notified the company in February that it failed to meet the $10 million shareholder equity threshold, and was thus eligible for delisting. The company was able to stay the delisting, pending plans by 3DO to issue about 1.76 million shares to Mr. Hawkins in connection with the cancellation of about $3 million in debt the chairman and chief executive held, a move that was completed May 22.
Before cutting its fourth-quarter view, 3DO had planned 2003 revenue of $80 million and targeted revenue of $90 million in fiscal 2004, a view that was already lowered from more than $100 million last October.
Last December, the company's shares traded at $4. They closed Wednesday at $ 1.33, up nine cents, or 7.3% on Nasdaq trading.
The press release for the company's second-quarter earnings release said " Strong Growth and Profits Expected For 2003." However, the third quarter loss was $7.7 million before items, with a per-share loss of $2.25. For the nine months ended Dec. 31, the company lost $2.97 a share, or $10 million. Results for the fiscal year ended March 31 have yet to be filed.
As of Dec. 31, assets were $29.3 million, down from $44.9 million at the end of fiscal 2002.
The software company's prominent titles include High Heat Major League Baseball and Heroes of Might and Magic.
-Gregg Henglein; Dow Jones Newswires; 201-938-5400
