Acclaim Financial results
by Kit

Saturday, July 3 2004

Company comments on current credit.

Acclaim Entertainment, Inc. has reported financial results from its 2004 fiscal year, which ended March 31, 2004.

In its fourth quarter, the company reported net revenue of $29.0 million, slightly up from $28.0 million one year earlier. The quarterly net loss was $25.4 million ($0.23 per diluted share), versus a net loss one year ago of $45.0 million ($0.49 per diluted share).

For the full fiscal year, Acclaim had net revenue of $142.7 million, down from fiscal 2003’s net revenue of $210.1 million. A full year net loss of $56.4 million ($0.53 per diluted share) was reported, opposed to a net loss of $84.8 million ($0.92 per diluted share) in its previous fiscal year.

Acclaim is still working to replace its current credit facility, which is scheduled to expire on August 4, 2004. The company says it is in talks with a new lender, but cautions that, “Failure to obtain a new banking facility would materially adversely affect the Company's operations and liquidity and the Company could be forced to cease operations or seek bankruptcy protection.”

--- Kit