In its latest filing with the SEC, moribund videogame developer and publisher Interplay says it is attempting to revive its in-house development studio in order to develop sequels to some of its popular past franchises.

The company posted a profit of $497,000 for the quarter ending September 30, with revenues for the year reported at $5.9 million; however, nearly all of that came from the sale of the Fallout IP to Bethesda Softworks in April. As part of that deal, Interplay licensed the rights to develop a Fallout MMOG from Bethesda, conditional upon the company securing $30 million in financing within three years of the IP sale.

“The Company is now focused on a two-pronged growth strategy,” the filing says. “As the Company is working to secure funding for the development of an MMOG based on the popular Fallout franchise, the Company is at the same time exploring ways to leverage its portfolio of gaming properties through sequels and various development and publishing arrangements.”

“The Company is reinitiating its in-house game development studio, and has hired a veteran game developer. Initial funding for these steps will derive from the remaining proceeds from the same of Fallout. The Company is also planning, if the Company can obtain financing, to develop sequels to some of the most successful games, including Earthworm Jim, Dark Alliance, Descent and MDK.”

According to the filing, the company had a working capital deficit of roughly $1.8 million as of September 30, and a cash balance of $18,000. Minus the income generated by the sale of Fallout, Interplay reported its worldwide net revenues for the quarter as $47,000, an 86 percent decline over the same period in 2006. The company attributed this drop to a 99 percent decrease in North American net revenues, a 100 percent decrease in OEM, royalty and licensing net revenues and a 72 percent decrease in year-to-date international net revenues.

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