GameSpasm

Acitvision chief financial officer Thomas Tippl was recently promoted to the position of chief operating officer at the publisher, and will serve double duty as temporary acting CFO while a replacement is found. A filing with the Securities and Exchange Commission from last week detailed the executive swap (titled the "Tippl Amendment," effective as of March 23), including an $885k annual salary, stock options, an annual raise "at least equal to the average [undisclosed] percentage increase" (pending approval by the board), and a yearly performance-based bonus of "120 percent of his base salary [$1,062,000]."

The wonderfully candid thing about SEC filings is that there's little room for spin or marketing, but the downside is all the financial jargon -- like the fact that part of Tippl's new contract entitles him to a grant of 225,000 "performance shares" that "vest ratably." This means we're put in a position where we're telling you about stuff that is at the least pretty confusing and likely kind of meaningless. So let's break it down!

"Performance shares" are, according to Investopedia, "shares of company stock given to managers only if certain company wide performance criteria are met, such as earnings per share targets." Meaning, in so many words, that Activision has to meet a certain performance level in order for Tippl to earn said shares. That they will "vest ratably" is only to say that on Feb. 15 of each year for the next four years, he will earn part of that eventual 225,000-share goal (in 2014) ... should he stay in his position for all that time, of course. And finally, this is all based on the prediction that he delivers a higher or equal to non-GAAP earning per share when compared to the previous year. In short, he has to either break even or make money to get the stocks, and he has to maintain that for the next four years. Quite a tall order, sir!

[Via Edge]

Activision CFO Thomas Tippl now COO originally appeared on Joystiq on Tue, 30 Mar 2010 12:30:00 EST. Please see our terms for use of feeds.

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Majesco's share price has again wandered south of Wall Street's Mendoza line, prompting NASDAQ to tell the maker of Cooking Mama to get it back north of $1 or face delisting from the exchange.

Sound familiar? Majesco got the same notice back in August 2008. The company's share price closed today only marginally below a buck - 99.8 cents to be exact - but it'll take more than a one-day, two-tenths of a cent rally to get them out of penny-stock jail.

Majesco has until Aug. 30 to achieve compliance - which happens when the price closes at $1 per share or more for a minimum of 10 straight trading days. If it doesn't, it'll get a notice that its securities are subject to delisting, so it's not immediate, and even then, Majesco may appeal or apply for an extended grace period.

Majesco Receives Nasdaq Delisting Warning [Industry Gamers]

Tags: business, cooking-mama, finance, Majesco, nasdaq, Ruh Roh, Wall Street

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Take-Two just released its fiscal 2010 Q1 financial report, dropping always thrilling financial news on us about the company's performance between November 1, 2009 and January 31, 2010. Aside from a $13.8 million year-over-year increase in net revenue ($163.2 million this year over $149.4 million last year), Take-Two also reports a diminished net loss (again, year-over-year) to the tune of $20 million.

Aside from those exciting highlights, the investor report additionally notes plans for "a targeted restructuring of its corporate departments," resulting in a "15 percent reduction in corporate headcount." More shocking, the "restructuring" (read: layoffs) will amount to "approximately $8 million in savings in fiscal 2010." Holy cow!

Take-Two revenue up $14m, laying off 15% of execs originally appeared on Joystiq on Wed, 03 Mar 2010 16:37:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments Tags: earnings, finance, fy-2010, layoffs, Money, q1, take-two, take-two-interactive

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Stargate Worlds and Stargate: Resistance developer Cheyenne Mountain Entertainment has suffered the slings and arrows of economic turmoil for months now, leading to a number of unflattering reports about the company's finances. However, it seems the studio is taking steps to get itself back on the right track: A representative for Cheyenne recently announced on its official forums that the developer has filed for Chapter 11 bankruptcy.

In the aforementioned forum post, the representative assured fans of the Stargate games that, should the bankruptcy filing be approved, that the company won't simply shut down while it restructures. He explained, "our entire staff is in-house working on upgrades and expansions for Stargate: Resistance, and we continue to be motivated and excited by the response we've received from our customers." We wish everyone the best of luck with turning the good ship Cheyenne back into more prosperous waters.

Stargate: Resistance developer files for Chapter 11 bankruptcy originally appeared on Joystiq on Sat, 20 Feb 2010 15:30:00 EST. Please see our terms for use of feeds.

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I'm just a simple caveman lawyer, and your world of finance frightens and confuses me. However, it sounds like Viacom wants a refund on a substantial bonus it paid to Harmonix's founders.

Long story short, Harmonix was bought by Viacom, the parent company of MTV Networks, in 2006 for $175 million plus "earnouts," which is a jargony way of saying "beat previous figures and you get a premium." In this case, Harmonix got $150 million based on 2007 performance, and some $300 million overall since then. However, Viacom in this filing notes that the $150 million payment was subject to adjustment.

While Rock Band has done some $1 billion in revenue since 2007, sales of its games have sagged in the past year. So now Viacom says it believes it's "entitled to a refund of a substantial portion" of that payment, although the final amount is TBA.

Viacom Asking For ‘Substantial' Refund on Harmonix Earnout From Founders [Paid Content]

Tags: Bidness, finance, harmonix, mtv-games, Rock Band, viacom

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I'm just a simple caveman lawyer, and your world of finance frightens and confuses me. However, it sounds like Viacom wants a refund on a substantial bonus it paid to Harmonix's founders.

Long story short, Harmonix was bought by Viacom, the parent company of MTV Networks, in 2006 for $175 million plus "earnouts," which is a jargony way of saying "beat previous figures and you get a premium." In this case, Harmonix got $150 million based on 2007 performance, and some $300 million overall since then. However, Viacom in this filing notes that the $150 million payment was subject to adjustment.

While Rock Band has done some $1 billion in revenue since 2007, sales of its games have sagged in the past year. So now Viacom says it believes it's "entitled to a refund of a substantial portion" of that payment, although the final amount is TBA.

Viacom Asking For ‘Substantial' Refund on Harmonix Earnout From Founders [Paid Content]

Tags: Bidness, finance, harmonix, mtv-games, Rock Band, viacom

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Sure, $679 million may sound like a lot of money (it sure does to us!), but when you're a company CEO reporting that number to investors and it's 2.7 percent lower than last year's equivalent time period ($697 million), it's not quite as impressive. And that's just what Ubisoft CEO Yves Guillemot had to do earlier today when the company reported its fiscal Q3 (October 1 through December 31) sales for 2009. Given the publisher's French HQ, we're not privy to the period's revenue until later this year.

In discussing plans for the upcoming year, the company cited "at least seven franchise titles" being launched this year, calling out this morning's (finally) officially-announced Ghost Recon: Future Soldier among others, leaving one (presumably unannounced) title unmentioned. The publisher then indicates "at least two new brands (R.U.S.E. has already been announced)" will see the light of day in 2010 -- leaving one unannounced new brand. Getting murkier yet, it appears "at least 5 online games" will be heading to the information superhighway, though only three are mentioned (yep, you guessed it -- that means two have yet to be revealed). With GDC, PAX East, and E3 not too far off (already?!), there's still plenty of 2010 left for announcements.

Ubisoft reports fiscal Q3 sales of $679 million, hints at unannounced titles originally appeared on Joystiq on Tue, 09 Feb 2010 13:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments Tags: 2010, finance, Financials, franchise, fy-2009, fy-2009-2010, ghost-recon-future-soldier, q3-2009, Ruse, Sales, ubisoft, unannounced, Yves Guillemot

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Right off the bat, you should know this: for EA, losing $82 million in the third quarter of a fiscal year is an enormous improvement. Compared to the same period last year ("Q3" for EA is October 1 - December 31), the company lost 559 million fewer actual physical dollars. Yes, really. Now that we've told you that, we should also note that the publisher pulled in 24.85 percent less revenue year over year (down to $1.243 billion in Q3 2010 from $1.654 billion in Q3 2009). That said, Playfish had "two of the top ten Facebook games" for the quarter! Good thing EA spent $300 million on those folks, eh?

Okay, okay, real talk: the company also points out that it was the "#1 packaged goods publisher in North America and Europe" for its entire fiscal year. CEO John Riccitiello even notes that Mass Effect 2 is "the first blockbuster of 2010." And hey, with 2 million units already shipped, we tend to agree.

EA loses $82 million in fiscal Q3 2010, revenue down 25% originally appeared on Joystiq on Mon, 08 Feb 2010 17:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments Tags: Ea, finance, financial-report, Financials, fy-2010, john-Riccitiello, profits, q3-fy-2010, revenue, Sales

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Carl Icahn, whose 11 percent ownership of Take-Two Interactive was by itself enough to restart buyout chatter, has grabbed another one million shares of the publisher according to a securities filing last week.

Icahn's enlarged stake, to 12 percent, comes a week after "shareholder pressure" forced a shakeup in the Take-Two board, notes GamesIndustry.biz. Although board chairman Strauss Zelnick denied that three board members deciding not to seek another term had nothing to do with Icahn, he is seen as being influential in the process.

Icahn is well known for buying substantial stakes in sagging companies and then using that leverage to force changes that boost the stock price.

Reports say Icahn will support Take-Two's five nominees for the board and, if three proposed by Icahn are elected and his stake falls below 5 percent, those directors will quit. That said, the board change could possibly change Take-Two's tone regarding buyout offers, should one come its way in the coming year.

Icahn Buys Another Million Take-Two Shares [GamesIndustry.biz]

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According to a recent report from the Times Online, UK-based publisher Codemasters is "close to securing" a new investor and will announce the mysterious source "shortly." The news is said to be paired with an upcoming balance sheet restructuring -- a necessity, we imagine, after less than huge releases last year like Operation Flashpoint: Dragon Rising, Fuel, and Damnation.

The report also indicates that current investors Balderton Capital and Goldman Sachs will "inject new funds" into the publisher, seemingly holding steadfast in their efforts to build up Codemasters as a major publisher in the global market. The two investment firms have already sunk £100 million ($163.3 million) into the company, so, um, well, maybe they know something we don't? We sure hope that's the case -- we certainly wouldn't want any of our golf buddies at Goldman Sachs to lose their bonuses.

Report: Codemasters to secure new investor amid financial woes originally appeared on Joystiq on Wed, 20 Jan 2010 01:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments Tags: balderton-capital, business, codemasters, codies, damnation, finance, fuel, goldman-sachs, Money, operation-flashpoint, operation-flashpoint-dragon-rising, report

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