Source - press release
Computer and video games maker Acclaim Entertainment have reported an encouraging 2nd quarter profit, based on a cost-cutting iniative that also resulted in lower revenues. Earnings were at an even $500,000 or 1 cent per diluted share on revenues of $40.4 million. Last year profits for the 2nd quarter were $19 million, but at 34 cents per share on revenues of $65.9 million. The narrow profit goes against losses predicted by analysts. "Operating expenses for the second quarter decreased by 48 percent from the same period one year ago," the company said in a statement. It cited this cost-cutting exercise as an important factor in the results. The company expects to keep up this trend of profits in the third and fourth fiscal quarters.