GT Interactive Reports First Quarter Results

The company made revenues of US$93 million in the quarter ending March 31. That was a 32 percent increase over last year. Net income was $4.5 million, a number only slightly higher than last year's. GT Interactive attributes these figures to a number of events over the quarter, including the release of 22 software titles, seven of which were console games.

During the first quarter, GT Interactive secured global rights to Duke Nukem 3D sequels and merchandise, entered an agreement with Simon & Schuster to exploit titles such as Star Trek: Deep Space Nine, and launched a new development studio called Cavedog Entertainment for the purpose of making games like this fall's combat strategy title Total Annihilation.

Humongous Entertainment, GT's kids software subsidiary, made an agreement with Lancit Media to exploit Humongous' characters in entertainment media, while MacSoft, its Macintosh subsidiary, made a deal with Spectrum HoloByte to publish PC titles such as Civilization II, Master of Orion II, and Top Gun: Fire at Will.

In the future, GT Interactive hopes to secure its financial position with the release of Hexen 64, its first Nintendo 64 title, and 30 other games. They will all be displayed at E3 this June.