Interplay CEO Herve Caen didnt have much to crow about in the company's second-quarter earnings statement released to investors and regulators today, but he certainly did his best to paint an optimistic picture.
Fact: The company's loss in the April to June quarter was $1.18 million. That compares favorably to the $5.38 million the company lost during the same quarter last year.
Fact: The company netted $1.17 million profit on "the sale of the rights to develop Fallout 3 on all platforms other than massive multiplayer."
Fact: The company is "back in compliance" with NASDAQ regulators.
The not-so-good news is, however, not so good.
Revenues for the six-month period that ended June 30, 2004, were only $11.6 million. That compares to $20 million during the same period a year ago. However, last year's earnings were inflated by $15 million "related to the sale of all future interactive entertainment publishing rights to the Hunter: The Reckoning franchise."
In a statement, Caen said, "This has been an incredibly challenging first half of 2004 for Interplay, its investors and employees." Caen referred to the company having found new corporate quarters, and they will be moving forward on plans to enter the MMO space.
But with only $13,000 in cash reserves, according to the earnings statement, and numerous unresolved legal complaints still pending (brought by BioWare, Monte Cristo, Reflexive Entertainment, and Interplay's former landlord Arden Realty, to name a few), Caen has a long way to go to turn the once-mighty Interplay's fortunes around.