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JoWooD Entertainment AG

EANS-Adhoc: JoWooD Entertainment AG Postpones Publication of Results for Q2 2010 due to Extended Scrutiny of Financials

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
Company Information
18.08.2010
• Current accounting indicates substantial losses for the first 
half-year of FY 2010 • Group financial statements 2009 to be included
in audit based on current assessment • Publication of Q2 results 
delayed until September 30, 2010 at the latest
Due to significant reasons, publicly-listed JoWooD Entertainment AG 
will not, as planned, publish second quarter results on August 31. 
The current state of the consolidation indicates that the group 
incurred a substantial loss during the first half of 2010. Since the 
data currently available requires additional comprehensive analysis, 
the management is currently unable to provide reliable information 
regarding the extent of such losses.
Due to market developments in recents months, JoWooD seeks to provide
as realistic a description of the assets, financial affairs and 
results as possible. In this connection, a fundamental scrutiny, 
including an impairment test, of all assets accounted for is 
required.
The market for computer games has shrunk during the first half of 
2010; the U.S. market itself has decreased by approximately 15 
percent. Additionally, the game Yoga for Wii(TM) that was released in
late fall 2009 and was initially expected to become a longseller, has
in recent months performed weak in sell-through.
Additionally, the intermediate financials for Q2 2010 will be 
subjected to a comprehensive analysis by an auditor in order to 
ensure that all relevant facts are reflected. To this end, the 
auditor will also review the group financial statements 2009 with a 
view to newly surfaced inconsistencies, in particular with respect to
correct period-end accruals.
Accordingly, the publication of the results for Q2 2010 has been 
postponed until September 30, 2010, at the latest.
On the basis of such audited data, Franz Rossler, who was appointed 
CEO of JoWooD in mid-may 2010, will adjust the company strategy with 
a view to long-term profitability. Initial restructurings, intended 
to improve internal processes, have already been implemented in areas
particularly important to the company's results. Additionally, 
distribution efforts have been increased significantly.
end of announcement                               euro adhoc

Further inquiry note:

JoWooD Entertainment AG
Ing. Mag. Franz Rossler, Vorstand
Mag. Philipp Brock, Investor Relations
Tel.: +43 (0)1 37909
mailto:investor@jowood.com
http://corporate.jowood.com

Branche: Software
ISIN: AT0000747357
WKN: 935221
Index: WBI, ATX Prime, ViDX
Börsen: Berlin / free trade
Frankfurt / free trade
Stuttgart / free trade
München / free trade
Wien / official market

Plus de actualités: JoWooD Entertainment AG
Plus de actualités: JoWooD Entertainment AG