TDK releases Q1 financial report
TDK Mediactive released their first-quarter financial report, announcing net revenue of $3.5 million, operating loss of $2.6 million, and net loss of $2.9 million. While Game Boy and Game Boy Advance games were the primary source for these reports, TDK did release Pryzm Chapter One: The Dark Unicorn for the PS2, which provided some profit.
"Our fiscal 2003 first quarter results reflect the revenue and expense impact of our release strategy which is skewed heavily to the third quarter and second half of the year," said Vincent Bitetti, chief executive officer of TDK. "While first quarter sales were below our expectations, we remain confident in our release slate which is focused on the second half of our fiscal year to better coincide with an expanded installed base of hardware, resulting from the benefit of price reductions, as well as the normal holiday selling season. Our confidence and reiterated financial guidance is also supported by strong industry and retail interest that was demonstrated across our slate of titles at the E3 convention and in subsequent sales and marketing events."
7/29/2002 Matt Stensrud