Interactive Magic posted its financial results for the first quarter of 1999, which ended on March 31, reporting net revenues at US$1.2 million and a net loss at $4.5 million.
The company, which had previously in the quarter spun off its CD-ROM division to its own company and decided to concentrate entirely on online venues, had previously garnered net revenues of $5.0 million and a net loss of $1.2 million in the first quarter of 1998. I-Magic blames the first-quarter loss on company restructuring and the founding of the CD-ROM division, and notes that half of its revenues came from its online services.
I-Magic has cut its staff nearly in half with consolidations in its widespread online divisions and the restructuring plans, and there are rumors that the company may reduce or even close down its European offices, both in the United Kingdom and Germany.
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