3DO Company announced completion of management restructuring and ...
3DO Company announced completion of management restructuring and reorganization with hiring of William Dully, ex-Upper Deck COO, as COO and acting CFO. In latter capacity, Dully replaces Kathleen McElwee, who left 3DO, company said, “for personal reasons.” Game maker…
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said Dully reorganized staff of more than 300 at trading card company Upper Deck “and improved profitability while growing revenue to hundreds of millions of dollars.” Company said its product development department now was being led by Senior Vp Paul Grace, who will continue to report directly to CEO William (Trip) Hawkins. But 3DO said “all other operational and administrative functions within 3DO will report to Dully.” 3DO said that in Dec. quarter it “undertook significant restructuring efforts that reduced headcount, overhead expenses, cash burn rates and overall business risk… Product direction for the coming year was redefined to conform to market conditions, reduce risk and increase sales success.” Company now has staff of 350 -- about 280 of them in product development. Hawkins said: “We've significantly reduced the breakeven point for the company by cutting monthly fixed costs to around $3 million. We also have a much more solid product plan going forward, with a dominant concentration on proven brands that have established consumer audiences, and development of projects that will have enough time and staffing to be first- rate. We are also beginning to see technology efficiencies now that we have built a strong in-house base of next-generation code and other assets. We are leveraging this foundation on all of our titles on any platforms as we move ahead.” Company said it “made progress toward its goals in the December quarter by delivering revenues that are expected to be in the range of $15 to $16 million and raising more than $25 million in additional working capital to support the company’s plans.”