Acclaim to Reduce 2001 Profit After Error
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Acclaim Entertainment Inc., which makes video games including “Showdown: Legends of Wrestling,” said it would cut 2001 profit by more than half after booking a loan incorrectly. It also pledged assets and an equity stake to win new financing.
Net income is expected to drop to $7.8 million from $17.3 million, or to 12 cents a share from 26 cents.
Its balance sheets after Aug. 31, 2001, will be updated to increase debt by $9.5 million, the Glen Cove, N.Y.-based company said.
Shares of Acclaim fell 1 cent to 44 cents on Nasdaq.
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