Ubisoft Swings To $73 Million Loss; Pins Hopes To Simultaneous Game, Movie Releases
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Paris-based game publisher Ubisoft swung to a $72.8 million (€52 million), or 48-cents per diluted share loss for the first half of its 2009-2010 fiscal year (ended Sept. 30). That’s in contrast to a $33.6 million (€24 million) profit for the same time period last year, but the loss is in line with guidance the company provided during its last earnings report; Ubisoft was planning for much lighter lineup of new game releases for the first half of 2009 than in 2008.
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Ubisoft’s first half results met analysts’ expectations; Wedbush Morgan’s Michael Pachter maintained a “Neutral” rating for the stock, but expressed strong confidence in the company’s potential to deliver “much higher revenue and EPS” in its fiscal 2010-2011.
And the turnaround should actually start in the latter half of 2009, partly because of strong sales of Assassin’s Creed II. Released in mid-November, the company said players bought 1.6 million copies of the title in its first week.
There’s also the launch of Avatar: The Game, which is tied to the release of James Cameron’s new film. Avatar: The Game launches Dec. 1, about two weeks before the movie’s release; in a statement, Ubisoft CEO Yves Guillemot said the company is expecting a serious sales push, as Avatar is “is expected to be the biggest blockbuster film of this holiday season.”
In 2010, the company is betting that a new movie will breathe new life (and consumer interest) into its long-running Prince of Persia franchise. Ubisoft revealed that its working on the latest installment, Prince of Persia: The Forgotten Sands, and plans to launch it in May 2010. The Disney-backed, Bruckheimer-produced film stars Jake Gyllenhaal, and will premiere at the same time. Release.
Posted In: Entertainment, Games, Money, Earnings, ubisoft
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