Eidos racks up £99.1m in losses
London-based publisher puts troubled year of "transformation" behind it, recommits to releasing Tomb Raider Underworld in November.
It's fair to say that Eidos' parent company SCi has seen better times. Today the company posted its financials for the year ended June 30, 2008, and revealed a preliminary adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of £99.1 million. That's significantly worse than the previous year's loss of £13.3 million, and was described as the "result of necessary transformation of the business" and "reflecting major transition and change during the year."
It's been a tumultuous year for the publisher, based in the south London suburb of Wimbledon. Jane Cavanagh quit as CEO in January amid pressure from shareholders. After announcing plans in February to slash 200 jobs and 14 games currently in development, SCi raised £60 million in capital by issuing 171.6 million new shares in April to help fund business activities in the short term.
CEO Phil Rogers described 2008 as "a year in which we took decisive action to transform our business," and confirmed that Tomb Raider Underworld would be swinging onto consoles this November. Rogers also confirmed that Just Cause 2, Battlestations: Pacific, Championship Manager 2009, and Batman: Arkham Asylum would be arriving in 2009, as expected.