M
Mako
Guest
Geez, its going from "Really bad" to "Worse" Square is reporting a negative 226% change in there outlook for 2010. After already two years of record breaking losses!
http://www.square-enix.com/eng/news/pdf/110512.pdf
Excerpt:
Due to the recording of extraordinary losses, forecasted net income (loss) is revised for fiscal year.
Under a rapidly changing operating environment and more prudent estimates of future cash flows, the
Company plans to write down goodwill (approximately ¥8.8 billion). Further, as a result of introducing a
tightened selection standard regarding title lineup to strengthen the revenue base of the Company’s
digital entertainment segment, project development cancellation and related losses (approximately
¥4.5 billion) are expected.
Additionally, damage and losses during closures at, and restoration of, amusement facilities resulting
from the Tohoku Pacific Ocean Earthquakes and Tsunami caused an extraordinary “loss on disaster”
(approximately ¥0.6 billion).
The above factors as well as losses on retirement of noncurrent assets (approximately ¥0.6 billion),
losses on adjustment for changes of accounting standard for asset retirement obligations
(approximately ¥0.5 billion) and other losses are expected to result in total extraordinary losses of
approximately ¥16.0 billion during the fiscal year ended March 31, 2011.
Any thoughts guys? Square can't possibly take much more of a beating :/
http://www.square-enix.com/eng/news/pdf/110512.pdf
Excerpt:
Due to the recording of extraordinary losses, forecasted net income (loss) is revised for fiscal year.
Under a rapidly changing operating environment and more prudent estimates of future cash flows, the
Company plans to write down goodwill (approximately ¥8.8 billion). Further, as a result of introducing a
tightened selection standard regarding title lineup to strengthen the revenue base of the Company’s
digital entertainment segment, project development cancellation and related losses (approximately
¥4.5 billion) are expected.
Additionally, damage and losses during closures at, and restoration of, amusement facilities resulting
from the Tohoku Pacific Ocean Earthquakes and Tsunami caused an extraordinary “loss on disaster”
(approximately ¥0.6 billion).
The above factors as well as losses on retirement of noncurrent assets (approximately ¥0.6 billion),
losses on adjustment for changes of accounting standard for asset retirement obligations
(approximately ¥0.5 billion) and other losses are expected to result in total extraordinary losses of
approximately ¥16.0 billion during the fiscal year ended March 31, 2011.
Any thoughts guys? Square can't possibly take much more of a beating :/