 As a result of the company 's deteriorating financial situation , Nakayama resigned as president of Sega in January 1998 in favor of Irimajiri . Stolar would subsequently accede to president of Sega of America . Following five years of generally declining profits , in the fiscal year ending March 31 , 1998 Sega suffered its first parent and consolidated financial losses since its 1988 listing on the Tokyo Stock Exchange . Due to a 54 @.@ 8 % decline in consumer product sales ( including a 75 @.@ 4 % decline overseas ) , the company reported a net loss of ¥ 43 @.@ 3 billion ( US $ 327 @.@ 8 million ) and a consolidated net loss of ¥ 35 @.@ 6 billion ( US $ 269 @.@ 8 million ) . Shortly before announcing its financial losses , Sega revealed that it was discontinuing the Saturn in North America , with the goal of preparing for the launch of its successor . Only 12 Saturn games were released in North America in 1998 ( Magic Knight Rayearth being the final official release ) , compared to 119 in 1996 . The Saturn would last longer in Japan and Europe . Rumors about the upcoming Dreamcast — spread mainly by Sega itself — were leaked to the public before the last Saturn games were released . The Dreamcast was released on November 27 , 1998 in Japan and on September 9 , 1999 in North America . The decision to abandon the Saturn effectively left the Western market without Sega games for over one year . Sega suffered an additional ¥ 42 @.@ 881 billion consolidated net loss in the fiscal year ending March 1999 , and the company announced plans to eliminate 1 @,@ 000 jobs , or nearly one @-@ fourth of its workforce . 
