Riverdeep enters troubled waters as losses treble
The company, which was delisted from the stock market in 2003 by Mr McDonagh and Riverdeep's chief executive Barry O'Callaghan, made a pre-tax loss of $114.9 million (€95m) in 2004, according to accounts just lodged at the Companies Registration Office. The company, which supplies CDs and internet-based education products to schools around the world, made a loss of $31m in 2003. There was some good news for the company, however, as sales for the year picked up from $151.9m to $153.3m.
According to the accounts, Riverdeep had built up retained losses of $148 million by the end of 2004 and as a result of the continued decline in losses, the equity shareholders' fund of $96m in 2003 moved into a $3.9m deficit.
