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Namco Bandai Cuts Forecast

posted on 2006-02-23 11:38 EST
Profits to be 55% Lower than Expected. Namco Bandai to Buy Out Banpresto.

According to Bloomberg, Namco Bandai Holdings has cut its profit forecast for the 2006 fiscal year, ending March 31, by 55% to 11 billion yen (US$93.7 million).

Overall, sales are expected to be 450 billion yen, 4% lower than previously forecast.

The company cited below expected sales of Nintendo DS titles as the principle cause for the lowered forecast.

Namco Bandai Holdings has also announced that it will buyout all remaining shares of Banpresto for 18.3 billion yen, a 26% premium over the current market value of Banpresto's shares. The arcade and console game manufacturer, would then become a wholly owned subsidiary of Namco Bandai.

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