Ubisoft continues to just dance around fiscal year losses

A year ago, as Ubisoft reported net losses of €43.671 million for its 2009–10 fiscal year (ending, March 31, 2010), CEO Yves Guillemot brushed aside concern, saying, "We forecast a return to profitable growth in 2010–11." Well, here we are -- and Ubisoft isn't exactly basking in the sun.

For the 2010–11 fiscal year ending March 31, 2011, the publisher's net losses slumped further to €52.120 million (about $74 million). Yet Guillemot again played the role of the optimistic fortuneteller as he looked to the company to "post further growth in both sales and current operating income in 2011–12 and 2012–13." (Notice how he didn't drop the P-word this time.)

He put a positive spin on the 2010–11 fiscal year, too, observing "a sharp upturn in revenue." Indeed, sales were up 19 percent over the previous fiscal year to €1.039 billion. In addition to "another success" with Assassin's Creed: Brotherhood, Guillemot attributed much of the sales growth to a rebounding casual market, which Ubisoft dominated with its (just) dance game segment, as well as strong support for the Kinect and 3DS launches. Notably, 38 percent of the publisher's game sales over the 12-month period came from Wii titles.

Ultimately, Ubisoft's bottom line suffered from reorganization costs, which amounted to €95.9 million in non-recurring charges, including unspecified project terminations (so, Am I Alive?). Presumably, if Ubisoft is now appropriately restructured, it can focus more effectively on making successful products again. "For example," Guillemot offered, "we plan to launch a free-to-play world based on our highly popular franchise for young girls, Imagine."