3DO Posts Q1 Loss

The 3DO company has announced results of the first quarter of their fiscal 2001, reporting a net loss of $26.3 million, or 71 cents per share. In the same period last year, the company posted a loss of $6.8 million or 26 cents per share. Revenues totaled $7.9 million for the quarter compared with $13.1 million for last year's first quarter. Chairman and CEO Trip Hawkins said the results were in keeping with expectations, due to shortages of Sony hardware, industry pricing pressure, and the delay of Army Men Air Attack for the Nintendo 64, which shipped in the second quarter. Five other titles are scheduled to ship in the second quarter for Playstation and PC, and 19 are planned for the third quarter, including two Playstation 2 titles.