Printer Friendly
The Free Library
23,383,293 articles and books


Playdium Financial Results Released.

TORONTO--(BUSINESS WIRE)--Aug. 29, 1997--(CANADIAN DEALING NETWORK PLAD. ) Playdium Entertainment Corporation today released unaudited financial results for the six month period ended June 30, 1997.

Playdium Entertainment Corporation opened Canada's first interactive entertainment centre, "Playdium" in September 1996. With expected attendance figures at the site surpassed, revenues for Playdium Entertainment Corporation were $2,757,000 for the six months ended June 30, 1997.

These revenues primarily represent half of the actual revenues generated from the Playdium site, which is jointly owned by Playdium Entertainment Corporation and Sega GameWorks L.L.C. Revenues, net of operating site costs, have yielded a contribution margin of 37 percent.

Operating results indicated a net loss of $3,020,000 for the first six months of 1997 being a loss per share of $0.20, undiluted. The loss before interest, taxes, depreciation and amortization for the first six months in 1997 was $421,000. Contributing to the loss is $1,447,000 in general and administrative expenses.

In total, Playdium Entertainment Corporation has raised approximately $33 million in equity and approximately $5 million in debt during 1996 and the first six months of 1997. Cash and short-term investments totalled $24.8 million at June 30, 1997.

"We are pleased with the operating results from our first Playdium location and the level of consumer interest and satisfaction we have seen to-date", said Mr. Steven Warsh, President and Chief Operating Officer for Playdium Entertainment Corporation. "The head office has been expanding its management breadth and depth to facilitate the development of further Playdium locations, which has contributed to the increased expenses. However, with the financial resources and management talent in the Company, we are well positioned to roll-out the Playdium concept in Canada and in other markets".

The Playdium business is operated through a partnership between Playdium Entertainment Corporation and Sega GameWorks L.L.C. Playdium Entertainment Corporation is the leader in the introduction of large-scale location-based entertainment centres and is dedicated to developing and operating entertainment centres worldwide.

CONTACT: Playdium Entertainment Corporation

Jon Hussman, 416/920-4840

or

Temple Scott Associates

Jennifer Rideout, 416/360-6183
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Aug 29, 1997
Words:350
Previous Article:McKesson Corp. Completes Exchange Offers.
Next Article:Executive Bancshares Merger with Hibernia Becomes Effective Aug. 31.



Related Articles
IMAX Corporation and Famous Players Theatres in Joint Venture for Toronto's First IMAX 3D Threatre Festival Hall Selected for State-of-the-Art...
RE: Playdium Entertainment Corp. - Company Update.
Corrected Scotts Company financial results release -- replaces previous news release.
Playdium Takes Next Step In National Expansion Plan New Location-Based Entertainment Centre Set For Greater Vancouver Region.
Mountain World Entertainment Announces Appointment of Two Key Officers.
RioCan Real Estate Investment Trust Announces Future Acquisition Of Interest In Festival Hall.
RioCan Real Estate Investment Trust Completes Acquisition Of Interest In Festival Hall.
World Wrestling Federation, Famous Players, Inc. & Bell ExpressVu Launch WWFE In-Theater Pay-Per-View in Canada.
Network Commerce Announces Relationship With Givex; Givex Gift Card Technology Added to PCCharge Products.
ZTEST Announces New Director and Grant of Stock Options.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters