Mixed Results in First Quarter for 3DO

The 3DO Company announced its first-quarter 1999 fiscal results Thursday, revealing that software revenue for the quarter, US$9.5 million, exceeded software revenues for the entire fiscal year of 1998.

Boosted by sales of Might & Magic VI: The Mandate of Heaven and Army Men, revenues surpassed the $2.3 million 3DO made last year in the same period.

On the not-so-bright side, 3DO reported a net loss for the quarter at $2.6 million, in comparison to a net income of $21.2 million last year (buoyed by a gain of $18 million in the sale on the hardware side of the business). However, 3DO ended the quarter with a cash balance of $26.2 million.

"These results show the speed of progress we are making as a video game publisher. The quality of our games is being reflected in our high revenue growth rate and our outstanding sell-through of our recent games in the marketplace," said Trip Hawkins, president and CEO of The 3DO Company.