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The 3DO Company Announces Second Quarter Results

The 3DO Company has finished the fiscal second quarter ended September 30, 2001 in line with expectations. Revenues were $9.9 million, compared to $20.2 million reported for the second quarter of last fiscal year. The net loss for the quarter decreased by 42% to $9.7 million, or $0.20 per share, compared to a loss of $16.7 million, or $0.45 per share in the same quarter last year. The company recorded an adjustment to the second quarter of the prior fiscal year, which resulted in a reduction of $1.8 million of revenue and $0.5 million in cost of sales. For the first half of the fiscal year, revenue totaled $23.2 million compared to $29.9 million in the prior year, while the net loss was $19.2 million, or $0.40 per share compared to $43.0 million, or $1.16 per share in the prior year. Anticipating the success of upcoming releases of CUBIX ROBOTS FOR EVERYONE: RACE 'N ROBOTS for PlayStation, Game Boy Color and PC and of JONNY MOSELEY MAD TRIX for PlayStation 2, Trip Hawkins, CEO of 3DO stated, "We continue to hold the line on operating expenses, have reduced inventory levels and improved accounts receivable collections. We are not borrowing against our credit line and remain debt free. We look forward to returning to profitability in our fourth fiscal quarter."