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Acclaim downsizes staff

   Acclaim announced today a 35% drop in operating expenses, a 35% reduction in worldwide staff, and the resignation of Acclaim president Edmond Sanctis. The company is hoping to spend 21% of its net revenue on product research and development, as Rod Cousens, president and COO of the company's International division, will take over Sanctis' position in North America.


   According to Acclaim, the various downsizing was to bring operating expenses in line with projected revenue, maintain positive cash flow, keep its product release schedule in tune with market demand, and meet projected profitability estimates.


   In order to effectively reduce operating expenses and enhance our efforts to return to profitability, we have developed and implemented a new operating plan that we believe is achievable for the organization and provides a strong platform for our growth," said Gregory Fischbach, Acclaim's co-chairman and CEO.


1/20/2003 Matt Stensrud

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