this is all I have from a few weeks ago. It's the profit warning I suppose.
Subject: Forecasts
Company: Rage Software PLC
Date: Thu 21st Mar 2002 7:56:04
Country: United Kingdom
Industry: Computers, electronics & avionics
Rage Software warns FY sales, overall loss to be worse than mkt expectations
LONDON (AFX) - Rage Software PLC reported first half sales of 5.807 mln stg,
up 115 pct from 2.696 mln the previous year, but warned that full year sales --
whilst seen "significantly ahead of last year" -- are not expected to
meet market expectations.
Similarly, while the overall loss is expected to be less than that of last
year, it will be greater than current market forecasts, the company said.
Nevertheless it said it expects growth to accelerate in the second half of
the financial year.
The company also said that in order to fund product development for the
Xbox, PlayStation2 and GameCube consoles, it has utilised 4 mln stg of the
15 mln stg equity line of credit that was provided by GEM Global Yield Fund
Ltd.
However, it said that "stockmarket conditions have prevented us from making
use of this facility to the levels previously intended."
In light of this, and the lower than anticipated turnover, it is in
"detailed discussions" with its bankers regarding the future funding
requirements of the group.
Rage reported a first half operating loss before goodwill amortisation of
5.414 mln stg against a loss of 5.045 mln, mainly due to investment in third
party products, licence fees and a significant increase in marketing
expenditure.
After goodwill amortisation, the operating loss was 8.249 mln stg against a
loss of 7.466 mln in the same period a year earlier.
The pretax loss was 8.485 mln stg against a loss of 7.995 mln.
Under the circumstances, the company said it was omitting a dividend
payment.
Rage said that in addition to the already announced distribution partnership
with Germany's Alltainment GmbH to cover the German, Austrian and Swiss markets,
it has also entered into agreements with SG Diffusion in France and Proein SL in
Spain.
wf/
NNN
