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More funds may be needed, FUN warns

Briefs | 02/07/2007 5:00 am EST

While trying to put a rosy glow on its business results as of the calendar year-end on December 31, skill game provider FUN Technologies Inc. also cautioned that its current cash reserves may not be enough to continue to fuel its growth. While a statement from the Toronto-based company said that while its 2007 revenue should meet analysts’ projections, its gross margins will likely be thinner, meaning an injection of capital may be necessary. "Possible sources of that funding include non-core asset sales or equity funding either from external sources or from the company’s parent, Liberty Media Corp.," a media release reads.
FUN Technologies is also currently finalizing calculations of the goodwill that was on its balance sheet when Liberty Media bought a majority stake in the firm last year. Using Canadian generally accepted accounting principles, the company says it will have to write off a sizable portion of its goodwill and post a significant non-cash charge as a result.

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