NEWS - Friday, April 20, 2001

Sega outlines development

Sega officially announces GameCube development, outlines its software release schedule, and discusses its plans to return to profitability.

Sega held a structural reform briefing on Thursday in Japan to unveil its plans to return to profitability in the current fiscal year that began April 1. The company also outlined its software development plans and briefly discussed its goal to expand its arcade business. Sega announced a three-year restructuring scheme through which it plans to boost sales in its home software business from the projected 62 billion yen in 2001/02 to 128 billion yen by 2003/04. To achieve this, Sega plans to cut a substantial amount of its operating overhead. The company plans to reduce its workforce to approximately 700 by March 31, 2002 from over 1,000 employees. The company also plans on selling off or liquidating 20 of its 57 affiliates and subsidiaries that it feels do not fit into its long-term operating plans. Additionally, the company’s inventories of the Dreamcast console, which stood at over 2 million worldwide when it announced plans to halt production, has now be reduced to approximately half that amount since it announced the console’s price drop.

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