GT Financials

GT Interactive followed up the announcement of its takeover by releasing its second quarter financials. Same quarter revenues were down sharply, from $116.2 million this time last year to $91.4 million this year. Losses for the quarter stretched to $57.1 million. The losses came despite strong sales of titles like Driver, and are attributed largely to a decline in distribution revenues. Losses are expected to continue in the short term as GT looks to reorganize it distribution commitments and focus on its publishing activities.