JoWooD Entertainment AG

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

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Company Information


• 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.

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ots Originaltext: JoWooD Entertainment AG
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Further inquiry note:
JoWooD Entertainment AG
Ing. Mag. Franz Rossler, Vorstand
Mag. Philipp Brock, Investor Relations
Tel.: +43 (0)1 37909

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

Weitere Meldungen: JoWooD Entertainment AG

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