7th Level Performance Update.DALLAS--(BUSINESS WIRE)--Oct. 2, 1996--7th Level, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SEVL) announced today that operating results for the third quarter ended September 30, 1996 are currently expected to be at or near the lower end of analyst estimates, which range from ($0.56) to ($0.32) per share. The Company also said that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased approximately $2 million above the year ago third quarter, when it reported net sales of $2.6 million. Revenue for the quarter consisted primarily of continued strong domestic and international sales of Monty Python Monty Python('s Flying Circus) British comedy troupe. The innovative group, formed in the early 1960s, came to prominence in the 1970s, first on television and later in films. & The Quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby" quest after, go after, pursue look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the the Holy Grail Holy Grail: see Grail, Holy. A very desired object or outcome that borders on a sacred quest. There are several Holy Grails in the computer business. and Monty Python's Complete Waste of Time Monty Python's Complete Waste of Time is a collection of minigames, screen savers, desktop wallpaper and icons for Mac OS, DOS and Windows. The content is drawn primarily from the Monty Python's Flying Circus TV series. and the initial sales of both Disney's Topsy Turvy Games and Ace Ventura Ace Ventura is a fictional character, played by Jim Carrey in the films and . The character was voiced by Michael Daingerfield Hall in the animated television series . , which shipped on the last day of the quarter in limited quantities. The Company said fourth quarter releases are scheduled to include The Universe According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Virgil, G-Nome, Dominion, The Great Reading Adventure(TM), and The Great Math Adventure(TM). George Grayson, Chairman and Chief Executive Officer, commented, "The third quarter was a transition period for us as we completed the animation on our major 1996 releases and implemented our previously announced cost-reduction program, which will reduce our costs in the fourth quarter. Our goal is to maintain production capability by leveraging internally developed tools and improving the efficiency of production processes while, at the same time, significantly reducing planned production expenses and staffing levels." 7th Level expects to announce actual third quarter results October 17th. 7th Level, Inc. blends Hollywood creative artistry, proprietary production techniques, and world-class animators and producers to deliver state-of-the-art multimedia products. Forward-Looking Statements: This news release contains forward-looking statements which are based upon current expectations and involve a number of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company. These factors include the company's ability to complete new products at planned costs and on planned schedules, market acceptance of the company's products and the success of the company's cost reduction strategy. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. CONTACT: Gary Fishman or David Pasquale, 212/685-6890. |
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