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CEO: Boss Media May Miss 2003 Sales Goal22 January 2002STOCKHOLM, Sweden –– As reported by Bloomberg: ""Boss Media AB, a Swedish maker of software for online casinos, may miss next year's sales target as competition stiffens and an economic slowdown makes people gamble less, Chief Executive Officer Peter Bertilsson said. "Even as profit fell in last year's first nine months, Boss Media stuck to its target of 600 million kronor ($57 million) in sales by the end of 2003. "…The target `is far away,' said Claes Folkmar, who helps manage $20 billion in Swedish equities at Folksam Liv, including a 1.8 percent stake in Boss Media. "…Boss Media is under pressure as an economic slowdown cuts personal incomes and makes gamblers reluctant to place bets. To counter intensifying competition, the company is focusing on more profitable, traditional customers such as U.K. bookmaker Victor Chandler International and Asian casino operator Dr. Ho. "…The U.S., where Boss Media generates as much as 60 percent of sales, is in a recession and most economists predict no rebound until the end of the year. "…Boss Media, which gets license fees and a portion of sales generated by gambling, met a further hurdle last year, when some U.S. banks stopped taking credit-card payments for online gaming. "…Boss Media's stock has slid 21 percent this year, making it the worst performer on Stockholm's benchmark index…" |