BAM reports Q3 loss, completes VIS acquisition
Software publisher BAM Entertainment has reported a net loss of $4.4 million in its third quarter figures, which cover the three months to March 31st, as revenues collapsed to only $599,000 from $2.9 million in the same quarter last year.
Despite the dropping revenues - largely caused by a lack of new releases, as BAM launched no new products in North America during the period, compared with three new releases the previous year - the company's losses were actually smaller than last year.
Operating losses stood at $4.1 million, with net loss of $4.4 million - compared with both operating and net losses of $5.1 million in the third quarter of fiscal 2003.
The company also announced that it has completed its acquisition of Scottish developer VIS Entertainment, along with its subsidiary State Of Emergency Development Corporation, which was set up to fund development of State Of Emergency 2.
"This combination significantly enhances our competitive position within the industry," according to Bam CEO Ray Musci, "through well established internal development resources; specifically talent, technology and most importantly, intellectual property; as well as key management, personnel and relationships."
"We believe the combination will position the company with a much firmer footing, to compete not only on the current generation of hardware, but also future platforms as they are announced and released. We will also actively continue to explore and seek out other combinations and acquisitions as the business begins to mature and consolidate."