Losses Mount, Cavedog Closes

GT Interactive's third quarter results were short on bright spots, as the company announced that net losses for the third quarter reached $118 million. Revenues slipped to just $102 million for the third quarter versus $246 million for the same period last year. Though GT blames the quarter's slump on a light release schedule, as much as $89 million of the quarters loss can be attributed to charges related restructuring and reorganization related to the company's acquisition by Infogrames. GT's reorganization includes an end to its European operation, folding its budget publishing business, and the closure of Total Annihilation developer Cavedog Studios.