SCi losses increase in transformative year

Eidos parent SCi Entertainment suffered a 99.1 million overall EBITDA loss in FY 2008, an increase on the 13.3 million posted a year before – but

slightly under the 100m loss the company previously forecast

.

In what CEO Phil Rogers said was a year to transform the business”, the firm also posted a drop in revenues – down to 118.9 million from the 128.8 million reported in FY 2007.

The results came today in the the firm’s preliminary results for the 12 months to June 30th, 2008.

Pre-tax loss stood at 136 million, a big jump from the 30 million posted last year. However, that figure didn’t include the sale of Spanish distribution arm Proein to Koch Media, which has yet to be fully completed.

The company is expecting a hefty boost to its sales with the release of Tomb Raider: Underworld this Christmas.

The firm said its overall loss was within market expectations as a result of necessary transformation of the business”, referring to a fiscal year in which the old management team, led by Jane Cavanagh, stepped down.

SCi has previously told MCV that Eidos is heading towards being a ‘studio-led’ business.

The 2008 results reflect a year in which we took decisive action to transform our business,” said Rogers.

We have emerged as a stronger business and over the next year we will see the results of our restructured and revitalised operation. We are focused on delivering higher quality games with our priorities clearly set on maximising the returns from our cornerstone franchises.

We remain totally focused on and excited by the worldwide release of Tomb Raider: Underworld in November. Tomb Raider: Underworld has benefited from additional development time and a carefully choreographed build up to launch.

"In 2009 we will continue to see the benefits of our new structure to the releases of our games, which include Just Cause 2, Battlestations Pacific, Championship Manager 09 and Batman:Arkham Asylum.

Our commitment to improving quality across the business and securing strategic partnerships will be the key to unlock our full potential.”