Brilliant Digital Entertainment Inc., a leading developer of 3D technologies for the Internet, reported their financial statement for the second quarter ended June 30, 2001. The firm posted that their net revenues rose 162% to US$652,000 over $249,000 from last year. Revenues for the six months ended June 30, 2001 were $1,042,000 compared to $436,000 for the same six-month period in 2000. Brilliant Digital reported a net loss of $1,219,000, or $0.08 per share, for the second quarter ended June 30, 2001, compared to a net loss of $4,452,000, or $0.30 per share for the second quarter of 2000. Net loss for the six months ended June 30, 2001 was $3,354,000, or $0.21 per share versus $8,669,000, or $0.61 per share for the same six-month period in 2000. During the quarter, Brilliant Digital completed its convertible debt offering and raised $2.26 million. Investors in the offering included Mark Dyne, chairman and CEO, and Kevin Bermeister, president, along with other existing shareholders. "Our improving operating performance reflects our shift in strategy which we articulated earlier in the year -- cost-cutting initiatives, the production and distribution of animated Web Music Videos, rich media Brilliant Banner advertising and the licensing of our authoring tool, b3d Studio," said Bermeister. "The content that is being produced by Brilliant Digital and by outside production studios is creating demand for both our end user viewer technology (Digital Projector) and a greater market for the tools that are used to produce the content (b3d Studio). The further progression of this cycle will be the key driver of revenues and is necessary for our continued success."