3DO Revenues Down 28%, No Major Titles Released

The company posted a 28% fall in revenues over last year, to $7.1 million, resulting in a net loss of $6.8 million (92 cents per share). On the bright side, that's an improvement over the $9.7 million loss last year. The company said that a major factor that hurt its performance this quarter was its decision to delay the release of two games based on the television series "Cubix: Robots for Everyone" on the WB network. The company says the games are complete, but due to WB's decision to delay the start of the second season from September until February, 3DO decided to delay the games until then. The upshot was that 3DO released no major new games in the quarter; most of its revenue came from reorders of previously released games. The only new games released were Heroes of Might and Magic IV: The Gathering Storm for PC and Army Men: Turf Wars on the GBA. "It has been challenging to get through these recent quarters without any major new game releases," said Trip Hawkins, chief executive officer. "We look forward to a strong March 2003 quarter when we begin delivering major new games on a regular basis, led by High Heat Major League Baseball."