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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Entergy Mississippi LLC | NYSE:EMP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.4749 | 2.20% | 22.02 | 22.01 | 21.68 | 21.68 | 14,790 | 21:00:03 |
RNS Number:1568Q Empire Interactive PLC 25 September 2003 Embargoed until 0700 25 September 2003 EMPIRE INTERACTIVE PLC ("Empire" or the "Group") INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 Empire, the leading AIM quoted UK computer games developer and publisher, is pleased to announce its interim results for the six-month period ended 30 June 2003. Highlights Six months Six months Year ended ended ended 31 December 30 June 2003 30 June 2002 2002 #'000 #'000 #'000 Turnover 15,710 11,259 25,054 Operating profit/(loss) 223 (1,585) (1,895) Profit/(loss) before tax 228 (1,515) (1,816) Earnings/(loss) per share 0.34p (2.20p) (2.72p) - Return to profitability - Record half-year revenues, up 40% to #15.7 million - Starsky & Hutch No 4 in UK Charts - Big Mutha Truckers No 6 in US Charts - Exciting pipeline of titles for H2 2003 and 2004 Ian Higgins, Chief Executive of Empire, commented: "These figures show the progress the Group has made over the last year. It is pleasing to have created two successful franchises with Starsky & Hutch and Big Mutha Truckers as well as to have secured major license wins with Bad Boys II, Starship Troopers and Ford Racing 2. "We now have an exciting portfolio of games and IP that we strive constantly to improve. We are working with some excellent development studios, both in-house and third party, and continue to partner with the best distribution companies to ensure every facet of the production process, from initial concept to sales, is as good as it can be. "We are confident that we are pursuing the correct operational strategy to take the Group into 2004 and beyond." For further information please contact: Empire Interactive plc on 25 Sept 2003: 020 7067 0700 Ian Higgins, CEO after 26 Sept 2003: 020 8343 7337 Weber Shandwick Square Mile Christian Taylor-Wilkinson 020 7067 0700 Christian San Jose ------ Embargoed until 0700 25 September 2003 EMPIRE INTERACTIVE PLC ("Empire" or the "Group") INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 The Group has enjoyed a return to profitability for the half- year, due mainly to the success of Starsky & Hutch and Big Mutha Truckers, supported by the continued growth of its Xplosiv budget software line. In total, four new full-price titles across eight different versions and 20 budget-price titles were released during the period, with Starsky & Hutch reaching number 4 and remaining prominent in the UK charts from its launch date in June. Furthermore, Big Mutha Truckers reached number 6 in the North American charts in its first full month. Financial Results Turnover for the first half of the year increased 40% to #15.7m (2002: #11.3m), principally reflecting the successful launch of Starsky & Hutch in Europe and Big Mutha Truckers in North America at the end of June. Gross profit was #8.9m (2002: #6.1m) and gross margin improved by 3% to 57% (2002: 54%) as strong retail demand for Starsky & Hutch kept margins robust. Sales & Marketing expense, whilst falling slightly as a percentage of turnover to 21.2%, rose in absolute terms to #3.3m (2002: #2.5m) due mainly to the terms of US and other distribution contracts which match marketing to turnover. Development costs at #4.9m (2002: #4.8m) decreased as a percentage of turnover to 31.3% (2002: 42.4%) as there were no exceptional costs in the half-year. Group pre-tax profit was #228,000 (2002: loss of #1.5m), whilst earnings per share improved by 2.54p. Work-in-progress was unchanged at #3.1m (31 December 2002: #3.1m) reflecting a steady level of titles under development. Debtors increased by #1.2m to #4.9m (31 December 2002: #3.7m) reflecting higher sales levels which included the successful launch of Starsky & Hutch in June and consequently explained the net cash outflow of #451,000 despite the profit of #228,000. Cash in bank was #1.5 million. Operational Review The main operational successes for the Group during the reporting period were the release of Starsky & Hutch and Ghost Master in Europe. Both games charted, with Starsky & Hutch reaching number 4 in the UK charts and remaining in the top 20 for over eleven weeks on Sony Playstation 2 ("PS2"), and Ghost Master reaching number 16 on PC. Big Mutha Truckers was launched in North America at the end of June and reached number 6 on both PS2 & Microsoft Xbox ("Xbox") and is selling well leading into the important US holiday season. Other releases were Warrior Kings: Battles, for PC in Europe with its US launch this month and Bubble Bobble, Old and New on the Nintendo GameBoyAdvance ("GBA"). Our Xplosiv range of budget titles continued to gain in strength and reputation, with 14 new PC titles launched. The division also successfully launched its first six titles on the PS2. In total, four titles made the budget top 20 and Xplosiv accounted for 21% of the European sales. PC sales were almost double those in the same period last year. Key new PC signings in the period included Aliens vs Predator and No One Lives Forever. The Group's music creation software division, eJay, released two titles in the period, namely, Techno 4 and Sound Selection 3, which together represented 7% of the European turnover. Last month saw the relaunch of the brand in North America. Our revenues were almost equally split between North America and Europe, again confirming the right product strategy to develop titles based around American culture and/or licenses. We continue to sign quality licences, including the rights to Sony Picture's film, Bad Boys II, in February 2003. The movie launched in North America on 18 July going straight to number 1, with a first weekend opening Box Office of over $46m and a total of over $135m to date. In addition, the movie soundtrack was number 1 in the music charts for 7 weeks. The movie launches in Europe in October and is expected to experience similar success. In May, the Group negotiated the exclusive rights to Sony Picture's Starship Troopers, a classic film for which a sequel is being developed and a property which ideally lends itself to both PC and console gaming. We also continue to work with leading distributors in North America to ensure high level penetration into the market. This can be seen with THQ for Big Mutha Truckers and Take 2 for Starsky & Hutch and Ford Racing 2. This strategy reduces the risk the Group faces whilst allowing us to retain any upside. The success of Big Mutha Truckers bears this out. Games Pipeline The Board is confident that it has the correct balance and quality of titles in the pipeline to take the Group forward to 2004 and beyond. All games currently in development are based on second or third iteration technology, allowing for quicker development times, higher quality games and lower production costs. Our frontline release schedule for the next 18 months is as follows: Title Platform -------------------------------------------------- Ghost Master PC in US Starsky & Hutch PS2, Xbox and PC in the US Starsky & Hutch GC* & GBA - global VEGA$: Make It Big PC - global Ford Racing 2 PS2, Xbox, PC - global Bad Boys II PS2, Xbox, PC, GC - global Ghost Master PS2 and Xbox - global Bulletproof Monk PS2, Xbox and GC - global Flat Out PS2, Xbox and PC - global Starsky & Hutch 2 PS2, Xbox and PC - global Starship Troopers PC, PS2 and XBox - global (*GC = Nintendo GameCube) Ford Racing 2 is the follow-up to our highly successful, Ford Racing, which sold over 500,000 copies in 2000 on PlayStation 1. The sequel is being developed by our award-winning Razorworks Studios and we expect it to be released in Q4 2003 on the PS2, Xbox and PC. The game is being distributed exclusively by Take 2 Games in the US and by Empire in the UK and Europe. Starsky & Hutch has just been released in the US, where we are hoping for a positive reaction, following on from its success in the UK and Europe. This game also is being distributed by Take 2 Games, who we believe are the best in the world for marketing this particular game genre. It will also be released on Gamecube and GBA in the UK and Europe during the second half of 2003. We announced yesterday the signing of the rights to develop a sequel to Starsky & Hutch, so providing a great opportunity to build this into an even bigger hit franchise particularly with the new Hollywood movie next year. The Group recently acquired the publishing rights to Flat Out, a circuit-based rallycross style game, by the award-winning Finnish developer, Bugbear Entertainment. The game employs a ground-breaking graphics engine built to create atmospheric and interactive landscapes, allied with immersive driving effects. We plan to launch the title on all platforms in H2 2004. Starship Troopers, the license acquisition we announced earlier in the year, is currently being developed by our internal Strangelite team for PC & Xbox. We are also planning to develop a separate version for PS2. Bulletproof Monk and Bad Boys II are both currently in development and we are planning to release them in the first half of 2004. The movie of Bulletproof Monk has recently been released on DVD and reached number 2 in the US charts and number 1 in the UK charts. Its success on this format is encouraging for the release of the game. Outlook The Group is very conscious of sustaining its reputation as a leading provider of quality video games and we understand the importance of future vision. A major element of the work carried out by the Board and the senior developers is to find new projects to take the Group forward. We constantly review potential new license acquisitions and other internal concepts in an attempt to reward our customers and investors with the best games in the market. We have confidence in the pipeline of titles currently in development and expect to announce further projects over the next few months. Finally, we would like to thank all of our staff for their hard work and dedication to the Group during this challenging period in the Empire's growth. Ian Higgins, Chief Executive of Empire, commented: "These figures show the progress the Group has made over the last year. It is pleasing to have created two successful franchises with Starsky & Hutch and Big Mutha Truckers as well as to have secured major license wins with Bad Boys II, Starship Troopers and Ford Racing 2. "We now have an impressive portfolio of games and IP that we strive constantly to improve. We are working with some excellent development studios, both in-house and third party, and continue to partner with the best distribution companies to ensure every facet of the production process, from initial concept to sales, is as good as it can be. "We are confident that we are pursuing the correct operational strategy to take the Group into 2004 and beyond." -ends- For further information please contact: Empire Interactive plc on 25 Sept 2003: 020 7067 0700 Ian Higgins, CEO after 26 Sept 2003: 020 8343 7337 Weber Shandwick Square Mile Christian Taylor-Wilkinson 020 7067 0700 Christian San Jose Consolidated Summarised Profit and Loss Account For the period ended 30 June 2003 6 Months to 6 Months to 12 Months to 30/06/03 30/06/02 31/12/02 Note #'000 #'000 #'000 Turnover 2 15,710 11,259 25,054 Cost of sales (6,782) (5,149) (10,197) --------- -------- --------- Gross profit 8,928 6,110 14,857 Sales and marketing expenses (3,328) (2,453) (5,420) Development expenses (4,921) (4,774) (10,698) Administrative expenses (456) (468) (634) --------- -------- --------- Operating profit/(loss) 223 (1,585) (1,895) Net interest receivable 5 70 79 --------- -------- --------- Profit/(loss) on ordinary activities before taxation 228 (1,515) (1,816) Tax on loss on ordinary activities - - (29) --------- -------- --------- Profit/(loss) on ordinary activities after taxation 228 (1,515) (1,845) Minority interest - equity - 28 - --------- -------- --------- Profit/(loss) attributable to ordinary shareholders 228 (1,487) (1,845) --------- -------- --------- Basic earnings/(loss) per share 3 0.34 p (2.20p) (2.72)p --------- -------- --------- All the activities of the Group are classed as continuing. There is no material difference between basic and diluted earnings per share. Consolidated Summarised Balance Sheet At 30 June 2003 At At At 30/06/03 30/06/02 31/12/02 #'000 #'000 #'000 Fixed assets Intangible assets - goodwill 208 357 251 Tangible assets 680 846 719 ---------- ---------- ---------- 888 1,203 970 Current assets Work-in-progress 3,089 3,290 3,139 Stock 362 572 557 Debtors 4,929 3,622 3,716 Cash at bank and in hand 1,533 2,122 1,984 ---------- ---------- ---------- 9,913 9,606 9,396 ---------- ---------- ---------- Creditors: amounts falling due within one year (5,461) (5,415) (5,235) Net current assets 4,452 4,191 4,161 ---------- ---------- ---------- Total assets less current liabilities 5,340 5,394 5,131 Creditors: amounts falling after more than one year (17) (35) (17) ---------- ---------- ---------- 5,323 5,359 5,114 ---------- ---------- ---------- Capital and reserves Called-up share capital 68 68 68 Share premium account 10,147 10,101 10,102 Shares to be issued, including premium 52 150 97 Profit and loss account (4,944) (4,953) (5,153) ---------- ---------- ---------- Shareholders' funds 5,323 5,366 5,114 Minority interest - equity - (7) - ---------- ---------- ---------- 5,323 5,359 5,114 ---------- ---------- ---------- Consolidated Summarised Cash Flow Statement For the six months ended 30 June 2003 6 months to 6 months to 12 months to 30/06/03 30/06/02 31/12/02 Note #'000 #'000 #'000 Net cash outflow from operating activities 4 (356) (3,585) (3,675) Returns on investments and servicing of finance (net) 4 70 80 Taxation (19) (14) (30) Purchase of tangible fixed assets (59) (210) (262) Sale of tangible fixed assets - - 53 --------- --------- --------- Cash outflow before financing (430) (3,739) (3,834) Management of liquid resources Change in short term deposits (49) 3,700 4,323 Financing Issue of minority shares in subsidiary - 21 - Capital element of finance lease rentals (21) (21) (43) --------- --------- --------- Net cash outflow from financing (21) - (43) --------- --------- --------- (Decrease)/increase in cash 5 (500) (39) 446 --------- --------- --------- Consolidated Statement of Total Recognised Gains and Losses For the six months ended 30 June 2003 6 months to 6 months to 12 months to 30/06/03 30/06/02 31/12/02 #'000 #'000 #'000 Profit/(loss) for the period 228 (1,487) (1,845) Currency translation differences on opening net assets (17) (82) 76 ---------- -------- --------- Total gains and losses recognised since last financial statement 211 (1,569) (1,769) ---------- -------- --------- Notes to the Interim Report For the six months ended 30 June 2003 1. Basis of Preparation The interim financial statements, which have not been audited, have been prepared in accordance with applicable accounting standards and under the historical cost convention. The financial information set out in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The figures for the year ended 31 December 2002 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. The principal accounting policies of the Group have remained unchanged from those set out in the Group's 2002 financial statements. Certain of the Group's accounting policies are set below: Turnover Turnover is the total amount receivable by the Group for goods supplied and services provided, net of provisions for discounts and returns. In the case of long-term contracts, turnover and profit are recognised on delivery, unless the outcome can be assessed with reasonable certainty, in which case turnover and profit are recognised on the basis of the proportion of attributable development costs incurred to the anticipated total of such costs. All amounts are stated net of VAT. The excess of advances received under long-term contracts over amounts that have been recognised in the profit and loss account is disclosed separately as payments on account within creditors. Development Expenditure Expenditure incurred in respect of research and development is written off to the profit and loss account in the year incurred except for those development costs which are included within work-in-progress where there is reasonable likelihood that they will be recovered within 12 months of the balance sheet date. Where some of a product's revenues have been recognised under a long-term contract, work-in-progress only includes development costs on the basis of the proportion that estimated future revenues bear to anticipated total revenues. Expenditure on fixed assets for development purposes is shown in the balance sheet in tangible fixed assets under development equipment. These assets comprise computers and associated hardware used in the development of products. 2.Turnover All turnover and loss before tax are attributable to the development and publishing of entertainment software and all net assets are employed therein. Turnover by geographical destination was as follows: 6 months to 6 months to 12 months to 30/06/03 30/06/02 31/12/02 #'000 #'000 #'000 North America 7,566 5,091 9,853 United Kingdom 4,153 1,444 3,726 Rest of Europe 3,711 4,423 10,936 Rest of World 280 301 539 ------------ ----------- ------------ 15,710 11,259 25,054 ------------ ----------- ------------ 3.Earnings Per Share 6 months to 6 months to 12 months to 30/06/03 30/06/02 31/12/02 Number Number Number Based on the profit/(loss) for the period divided by the weighted average number of shares in issue during the period of 67,787,160 67,719,722 67,721,028 ----------- ---------- ----------- 4.Reconciliation of Operating Profit/(Loss) to Net Cash Flow From Operating Activities 6 months to 6 months to 12 months to 30/06/03 30/06/02 31/12/02 #'000 #'000 #'000 Operating profit/(loss) 223 (1,585) (1,895) Depreciation 104 167 299 Amortisation of goodwill 44 53 106 Loss/(profit) on disposal of other fixed assets 4 - (8) Decrease in stock and work-in-progress 245 132 297 Increase in debtors (1,213) (1,937) (2,031) Increase/(decrease) in creditors and payments on account 189 (359) (520) Translation difference 48 (56) 77 --------- ---------- --------- Net cash outflow from operating activities (356) (3,585) (3,675) --------- ---------- --------- 5.Reconciliation of Net Cash Flow To Movement in Net Funds 6 months to 6 months to 12 months to 30/06/03 30/06/02 31/12/02 #'000 #'000 #'000 (Decrease)/increase in cash in period (500) (39) 446 Increase/(decrease) in short-term deposits 49 (3,700) (4,323) ---------- --------- ---------- (451) (3,739) (3,877) Net cash outflow from finance leases 21 21 43 ---------- --------- ---------- Movement of net funds in the period (430) (3,718) (3,834) Net funds at 1 January 2003 1,928 5,762 5,762 ---------- --------- ---------- Net funds at 30 June 2003 1,498 2,044 1,928 ---------- --------- ---------- This information is provided by RNS The company news service from the London Stock Exchange END IR SEDESLSDSEFU
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