ThrustMaster's First-Quarter Results

ThrustMaster has announced its first-quarter results for 1998, with net revenues totaling US$6.3 million, about the same as last year's first quarter. ThrustMaster also reported a loss of $1.2 million, compared with a $289,000 net income for the same quarter last year.

"The company's April 2 release announced that we expected a loss for the first quarter of 20 cents per share," said Stephen Aanderud, president and CEO of ThrustMaster. "Further analysis in closing the books showed that our merchandising expenses were also greater than expected, which caused the actual loss for the quarter to be 29 cents. Specifically, we underestimated the costs of company-funded rebate programs and cooperative customer advertising programs."