After a small delay, Acclaim Entertainment filed its 10-Q report ...
After a small delay, Acclaim Entertainment filed its 10-Q report with the SEC for its 2nd quarter ended Sept. 28. Acclaim said in an SEC filing late last week that the 10-Q filing would be late because it had…
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“not completed its analysis with respect to certain matters which may have an effect on its financial statements which is not determinable at this time” (CED Nov 17 p4). In the 10-Q filing, received by the SEC after the market closed Tues., Acclaim said that as of Sept. 28, it “had a stockholders’ deficit of $55 million, a working capital deficit of $67.2 million and $7.3 million of cash and cash equivalents.” It said “these factors have continued to raise substantial doubts as to our ability to continue as a going concern.” The company had said earlier it wouldn’t develop new titles for GameCube. In its filing Tues., the company said its “release schedule for the remainder of fiscal 2004 continues to support the PlayStation 2, Xbox and Game Boy Advance platforms as well as PC.” Acclaim also said in the filing that “a preliminary [court] conference” was slated for Dec. 5 in a class action lawsuit that was filed against it by disgruntled investors, charging Acclaim with securities violations. It said it was “defending this action vigorously.” Acclaim said games in its NBA Jam franchise represented 16% of its revenue in the 2nd quarter vs. 14% from the Burnout franchise, 11% from Summer Heat, 9% from ATV, 6% each from Extreme G and Turok, 4% from All Star Baseball, 3% from Speed Kings, 1% each from Vexx, Legends of Wrestling, Aggressive Inline.