Tecmo Koei stock sinks on game delays, earnings cut
Publisher's share price drops nearly 10% following Quantum Theory delay; earnings forecast lowered by 97% due to poor Samurai Warriors 3 sales; Trinity: Souls of Zill O'll also reportedly delayed.
According to a Yahoo Japan report, the year-old company reported a loss of ¥1.84 billion ($20.3 million) for the three-month period, mostly due to slower-than-expected sales of Samurai Warriors 3 in Japan. (Exclusive to Nintendo's console, the latest installment in Koei's long-running action franchise is due out in Europe and North America later this year.) The poor holiday quarter caused Tecmo Koei to drastically lower its full-year profit forecast by 97 percent from ¥7.4 billion ($81.8 million) to just ¥200 million ($2.2 million).
The downward adjustment's impact was exacerbated by two reported game delays. The AFX news service reports (via CNBC) that the Gears of War-like PlayStation 3 and Xbox 360 action game Quantum Theory has been pushed into Tecmo Koei's next fiscal year, which begins April 1. Meanwhile, Japanese gaming specialty site Andriasang reports that the company has also postponed the PS3-exclusive action role-playing game Trinity: Souls of Zill O'll until later in the year.
The combination of poor earnings and game delays sent Tecmo Koei's stock south. On the Nikkei market in Tokyo, the company's share price ended the day down 9.5 percent to ¥630 ($6.96).
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