Interplay's first quarter shows a 34 percent reduction in net losses. Revenues for the quarter reached $18.1 million, a decrease from revenues of $21.6 million in the same period last year. Net losses, however, were cut to $5.5 million from $8.3 million in the first quarter one year ago. The company has been able to significantly reduce operating expenses, and with the addition of fresh cash from Titus is increasing its investment in new title development. "This is our second consecutive quarter without transition and re-organization charges. We are pleased that we have been successful in stabilizing our returns and allowances provisions and reducing our total operating expenses without reducing our product development expenditures, thus improving gross profit margins and operating results without affecting our product development efforts of future title releases," said Interplay Chief Operating Officer Manuel Marrero.
