GT INTERACTIVE REPORTS RECORD SECOND QUARTER REVENUES; Publishing Business Increases Nearly 300 Percent.
NEW YORK--(BUSINESS WIRE)--August 1, 1996--GT Interactive Software Corp. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GTIS GTIS Government Telecommunications and Informatics Services (Canada)
GTIS Global Trade Information Services
GTIS GOES Tap Imaging System
GTIS Government Technical Information Services (Canada) ) today reported record second quarter revenues of $72.0 million for the quarter ended June June: see month. 30, 1996, an increase of approximately 138 percent over the same period last year. Earnings per share were $0.08 for the quarter, while net income for the period was $4.8 million, approximately 124 percent increase over the second quarter of 1995's net income.
For the six months ended June 30, 1996, GT Interactive reported net revenue of $140.9 million and net income of $10.1 million. This represents approximately a 118 percent increase in revenue and approximately a 76 percent increase in net income over the same period last year when viewed on a tax-adjusted basis.
"With nearly a 300 percent increase in the quarter over last year in our premier publishing business and approximately a 240 percent increase in the value-priced area, augmented by our acquisitions of The WizardWorks Group and FormGen FormGen is a computer game company that formed in 1991 and was bought out by GT Interactive in 1996. we took significant strides toward achieving our goal of becoming a major global interactive software publisher," said Ron Noun 1. Ron - a Chadic language spoken in northern Nigeria
West Chadic - a group of Chadic languages spoken in northern Nigeria; Hausa in the most important member Chaimowitz, president and chief executive officer of GT Interactive. "As we head into the holiday season with a strong portfolio of titles including Duke Nukem Duke Nukem may refer to:
Notable activities GT Interactive undertook during second quarter include:
-- Completion of the acquisition of The WizardWorks Group,
Inc., a leading publisher and developer of value-priced
interactive entertainment, edutainment Educational material that is also entertaining.
(application) edutainment - Interactive education and entertainment services or software, usually supplied commercially via a cable network or on CD-ROM. and productivity
software in a pooling of interests Pooling of Interests
An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together.
The opposite of pooling of interests is the purchase acquisition method. wherein where·in
In what way; how: Wherein have we sinned?
1. In which location; where: the country wherein those people live.
2. GT Interactive
exchanged 2.35 million shares of common stock for all the
outstanding shares of The WizardWorks Group;
-- Completion of the acquisition of FormGen Corporation,
publishers of the current number one PC hit, Duke Nukem 3D,
in a pooling of interests transaction in which GT
Interactive exchanged approximately one million shares of
common stock for all the outstanding shares of FormGen;
-- Entering into a broad-based broad-based
Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased publishing agreement with
award-winning children's author, Mercer mer·cer
n. Chiefly British
A dealer in textiles, especially silks.
[Middle English, from Old French mercier, trader, from merz, merchandise, from Latin merx Mayer and his
software development company, Big Tuna
Big Tuna (AKA Zehirut Matzlema or in Hebrew זהירות מצלמה) is the first Israeli New Media, whereby GT
Interactive obtained exclusive rights to publish Mayer's
catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. of children's properties -- including Little
Critter, LC and the Critter Kids, Little Monster and
Critters of the Night.
Headquartered in NY, with offices in London, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Minneapolis, Phoenix and Seattle, GT Interactive Software Corp. is a leading publisher of interactive entertainment, edutainment and reference software for IBM-compatible and Macintosh computers as well as 32- and 64-bit gaming systems. Among GT Interactive's best-selling best·sell·er also best seller
A product, such as a book, that is among those sold in the largest numbers.
best titles are Doom Doom or Doomsday: see Judgment Day.
(games) DOOM - A simulated 3D moster-hunting action game for IBM PCs, created and published by id Software. The original press release was dated January 1993. A cut-down shareware version v1. II, Mortal Kombat Mortal Kombat (commonly abbreviated as MK) is a popular series of fighting games created originally by the Midway Manufacturing Company. Mortal Kombat 3 and Duke Nukem 3D. Located at www.gtinteractive.com on the World Wide Web, GT Interactive is publicly traded on the NASDAQ National Market System under the symbol GTIS.
Note: Certain statements contained in this press release may be deemed forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: worldwide business and industry conditions; adoption of new hardware systems; product delays; company customer relations, and other risks detailed, from time to time, in the company's SEC reports including, but not limited to the report on form 10K for the year ended December 31, 1995.
GT Interactive Software Corp. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited)
December 31, June 30, 1995(a) 1996 (in thousands)
Cash and short-term investments $ 92,361 $ 69,743 Receivables, net 83,191 63,226 Inventories, net 48,513 44,514 Other current assets 45,537 68,468 Total current assets 269,602 245,951
Property and equipment, net 5,670 6,954 Other assets 22,297 24,956 Total assets $ 297,569 $ 277,861
Accounts payable $ 87,366 $ 64,946 Accrued liabilities 44,452 35,599 Other current liabilities 34,167 36,939 Total current liabilities 165,985 137,484
Long-term liabilities 7,788 6,506 Total liabilities 173,773 143,990
Stockholders' equity 123,796 133,871
Total liabilities and stockholders' equity $ 297,569 $ 277,861
(a) The above information has been restated for the acquisition of WizardWorks Group, Inc. and Candel, Inc.
GT Interactive Software Corp. And Subsidiaries Condensed Consolidated Statements Of Operations (unaudited)
For The Quarter Ended June 30, 1995 1996 (in thousands)
Net sales $ 30,298 $ 72,032 Cost of goods sold 17,440 41,144 Selling, general and 9,261 21,146 administrative expenses Income before merger costs and income taxes 3,597 9,742 Merger costs 1,573 Provision for income taxes 1,457 3,381 Net income $ 2,140 $ 4,788
Net income per share $ 0.08
Weighted average number of shares outstanding 62,687
For The Six Months Ended June 30, 1995 1996 (in thousands)
Net sales $ 64,420 $ 140,934 Cost of goods sold 36,368 81,687 Selling, general and 18,017 39,987 administrative expenses Income before merger costs and income taxes 10,035 19,260 Merger costs 1,573 Provision for income taxes 318 7,599 Net income $ 9,717 $ 10,088
Pro forma adjustment to income 3,997 tax provision(b)
Pro forma net income $ 5,720
Net income per share $ 0.16
Weighted average number of shares outstanding 62,687
(b) Reflects the income tax provision that would have been provided had the Company been a C Corporation for the entire period ended June 30, 1995.
CONTACT: Allyne Mills Dawn Berrie