Acclaim Entertainment, Inc. to report loss for fourth quarter.GLEN COVE Glen Cove, city (1990 pop. 24,149), Nassau co., SE N.Y., on the north shore of Long Island, at the entrance to Hempstead Harbor; settled 1668, inc. as a city 1918. , N.Y.--(BUSINESS WIRE)--Oct. 28, 1996--Acclaim Entertainment, 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 :AKLM AKLM Acclaim Entertainment, Inc. (stock symbol) ) today announced that it expects to report a net loss for Fiscal Year 1996, which ended Aug. 31, 1996, significantly in excess of prior market expectations and a net loss for the fourth quarter of Fiscal Year 1996 of at least $140 million due in part to the establishment of significant additional reserves. The Company plans to announce its fourth-quarter and fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. results by the end of November 1996. This loss is attributable, in part, to the additional write-off of receivables, to the establishment of further reserves in the fourth-quarter for receivables, to severance charges and the reduction of certain deferred costs, as well as fourth-quarter operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. . The Company cautioned that results reported today are preliminary and that actual results could vary significantly from this estimate. The Company also stated that, due to the anticipated loss, it would fail to meet certain fiscal year- end financial covenants in its bank credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and that it had begun discussions with its lenders seeking waivers and a restructuring of the facilities. Acclaim Entertainment, Inc., a leading worldwide publisher of software for Nintendo, Sega, Sony and personal computer hardware systems, also publishes comic books This is a listing of comic books. See also List of comic creators. Argentina (historieta)
n. Reciprocal action and reaction; interaction. intr.v. in·ter·played, in·ter·play·ing, in·ter·plays To act or react on each other; interact. , Marvel The original code name for Microsoft Network. , Pulse Entertainment and Take 2. Acclaim also has a joint venture with Tele-Communications, Inc. for electronically distributed interactive entertainment. This press release contains forward looking statements. There are certain important factors that could cause results to differ materially from those anticipated by the statements made above. Such risks and uncertainties include, among other things, the growth of the installed base of 32-bit and 64-bit gaming and PC systems, the timely availability and acceptance of AcclaimUs future products for such systems, the competitive environment in the consumer software and related industries, the management of inventories and growth, and other risks and uncertainties that may be detailed from time to time in AcclaimUs reports filed with the Securities and Exchange Commission. Acclaim is a registered trademark of Acclaim Entertainment, Inc. All other marks are trademarks or registered trademarks of their respective companies. CONTACT: For press information: For financial information: Nancy Tully J. Mark Hattendorf Acclaim Entertainment, Inc. Acclaim Entertainment 516.656.5000 516.656.5000 |
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