BOCA RATON, Fla., Sept. 29, 2008 (GLOBE NEWSWIRE) -- Silverstar Holdings, Ltd. (Nasdaq:SSTR), a leading international publisher and developer of interactive entertainment software, reported preliminary estimated results for its fourth quarter and fiscal year ended June 30, 2008, subject to a final audit and filing of its annual report in Form 10-K.
The company expects revenues of approximately $5.0 million for the fourth quarter of fiscal 2008. Adjusted EBITDA for the quarter is estimated to range between a loss of $2.2 million and $2.4 million.
For the full fiscal year 2008, the company expects record revenues of approximately $25.6 million. Adjusted EBITDA for the fiscal year is estimated to range between a loss of $900,000 and $1.1 million.
"While we achieved another year of record revenues," said Clive Kabatznik, CEO of Silverstar Holdings, "a substantial amount of revenue and profits we expected in the final fiscal quarter of 2008 have been pushed out to our current quarter due to the previously reported delay in shipments of some major titles. These titles are now shipping or set to ship along with those in our planned fall release schedule. With the industry buoyant and reporting strong demand for the upcoming holiday season, these are selling well ahead of our budgeted projections."
"Ford Racing Off Road for Wii, for example, which shipped a few weeks ago, quickly hit the top 10 charts for Wii products in the U.K.," said Kabatznik, "while orders for Hello Kitty, which we will begin to ship internationally in October and November, have also significantly exceeded our initial estimates. Given these strong sales, which are also driven by new management at Empire and supported by our partners, like Atari in North America, we anticipate the results for the first half of fiscal 2009 to far exceed the same period in fiscal 2008.
The company filed an extension with the Securities and Exchange Commission to obtain a 15 day extension for the filing of its annual report on Form 10-K. Management plans to report its fourth quarter and fiscal year 2008 results on October 13, 2008.
About Silverstar Holdings
Silverstar Holdings Ltd. is an international publisher and developer of interactive entertainment software that operates primarily through two wholly-owned subsidiaries: Empire Interactive, PLC and Strategy First, Inc. Empire Interactive, www.empireinteractive.com, is an award-winning developer and publisher of interactive entertainment software games, including Starsky & Hutch, Big Mutha Truckers, Ford Racing, and FlatOut series. Empire's products are delivered on both console and PC platforms. Strategy First, www.strategyfirst.com, is a worldwide publisher of entertainment software for the PC, including the award winning Disciples, Jack Keene, Jagged Alliance, and Space Empires series. For more information about Silverstar Holdings, go to www.silverstarholdings.com.
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission.