Positive results for JoWood

JoWood Productions has today announced that it has completed its turnaround following the financial difficulties it experienced back in 2002. The publisher has reported positive results for 2003 following a planned restructuring and repositioning and is now considered to be the first company to have managed a return to the prime market segment of the Vienna stock exchange.

"This year's results confirm the viability of our new strategy--also with respect to our much larger industry peers. The primary objective for the business year 2004 is to reinforce JoWood's strategic position and increase international sales of our products," said Michael Pistauer, JoWood CFO. "In 2004 the company will also focus on expanding its console business. We are very proud of our result for 2003. It will serve as a solid foundation for future growth."

The preliminary earnings before interest and taxes (EBIT) for the year was 7 million euros ($8.8 million) compared to a loss of 42.8 million euros ($54 million) in 2002. The preliminary group result after minorities of 3.7 million euros ($4.7 million) also compares favorably to a loss of 28.6 million euros ($36 million) for the year previous.

JoWood's immediate plans include building upon its SpellForce and Gothic brands, development of a game based on the TV show Stargate SG1 for release in 2005, and a currently unannounced movie-licensed title scheduled for release later this year. We'll bring you more information as soon as it becomes available.