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May 30, 1997updated 05 Sep 2016 12:00pm

BANDAI & SEGA HAVE DISAPPOINTING YEARS; BANDAI CHIEF RESIGNS

By CBR Staff Writer

Games giants Bandai Co and Sega Enterprises Ltd, who on Tuesday scrapped plans for a merger, have both reported disappointing results for the year, according to The Nikkei Daily News. Bandai posted a group net loss of $69m for the year ended March, compared with a 1995 profit of $89.7m. Group revenue slipped 8% to $1.7bn due to poor sales of game software and the discontinued Pippin CD-ROM player. In the wake of the poor performance and the failed merger plan, Bandai’s president, Makoto Yamashina, is resigning his post and will become chairman at the end of June. A successor has yet to be chosen. Sega announced a consolidated net profit of $17.2m, down from $36.2m in a year earlier. Revenue rose 12% to $3.7bn and consolidated operating profit doubled to $99.1m, but the company’s US subsidiary recorded a disturbing $172.4m loss. For the current year, Bandai predicts a group profit of $21.6m while Sega expects profits of $25.9m. Both companies insist that the cancellation of the merger had no impact on projections for the year.

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