<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended SEPTEMBER 30, 2001
                                        ------------------

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the transition period from __________ to __________

         Commission file number:  0-17287
                                  -------

                              GLOBAL OUTDOORS, INC.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

        Alaska                                             33-0074499
-------------------------                          ----------------------------
(State or other Juris-                             (IRS Employer Identification
 diction of incorporation                                   Number)
 or organization)

                      43445 BUSINESS PARK DRIVE, SUITE 113
                           TEMECULA, CALIFORNIA 92590
--------------------------------------------------------------------------------
              (Address and zip code of principal executive offices)

                                 (909) 699-4749
--------------------------------------------------------------------------------
                (Issuer's telephone number, including area code)

              (Former name, former address and former fiscal year,
                         if changed since last report)
--------------------------------------------------------------------------------

Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to the filing requirements for at least
the past 90 days. Yes [X ] NO [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
                                                    Number of Shares Outstanding
           Class                                         at November 5, 2001
 ----------------------------                       ----------------------------
 Common Stock, $.02 par value                                 5,276,573


<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                              FINANCIAL STATEMENTS
                                 PART I - ITEM 1

--------------------------------------------------------------------------------
                      FOR THE QUARTER ENDED SEPTEMBER 30, 2001
--------------------------------------------------------------------------------

                              GLOBAL OUTDOORS, INC.

                                       -2-




<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

                                                     September 30  December 31
                                                     ------------  ------------
                                                         2001          2000
                                                     ------------  ------------
                                                     (unaudited)
Current assets:
      Cash and cash equivalents                      $  2,114,061  $  1,844,449
      Accounts receivable, net                          1,420,307     1,613,167
      Inventories                                          83,627       116,957
      Deferred tax assets                               1,146,745     1,387,230
      Receivable from stockholders                         55,360        35,421
      Other current assets                                154,792        23,958
                                                     ------------- -------------
             Total current assets                       4,974,892     5,021,182
                                                     ------------- -------------

Property, plant and equipment, net:
      Membership recreational mining properties         1,357,629     1,378,611
      Alaska recreational mining properties             1,175,859     1,194,880
      Outdoor Channel equipment and improvements          721,877       670,084
      Other equipment and leasehold improvements          614,751       388,361
                                                     ------------- -------------
             Property, plant and equipment, net         3,870,116     3,631,936

Trademark, net                                            150,430       161,365
Other assets                                               50,879        84,775
                                                     ------------- -------------
             Totals                                  $  9,046,317  $  8,899,258
                                                     ============= =============

See Notes to Condensed Consolidated Financial Statements.

                                       -3-

<PAGE>

<TABLE>
                                    GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                                    CONDENSED CONSOLIDATED BALANCE SHEETS

<CAPTION>
                                     LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                               September 30    December 31
                                                                               -------------  -------------
                                                                                    2001           2000
                                                                               -------------  -------------
                                                                                (unaudited)
<S>                                                                            <C>            <C>
Current liabilities:
      Accounts payable and accrued expenses                                    $    766,852   $  1,068,933
      Customer deposits                                                               1,200
      Current portion of notes and capital lease obligations payable                 82,969        128,290
      Current portion of stockholder loans                                           94,893         76,259
                                                                               -------------  -------------
             Total current liabilities                                              945,914      1,273,482

Stockholder loans, net of current portion                                           480,334        613,594
Other notes and capital lease obligations payable, net of current portion           669,465        467,747
Deferred revenue                                                                  1,820,252      1,802,555

Deferred satellite rent obligations                                                 533,315        584,480
Deferred compensation                                                               336,000        308,750
                                                                               -------------  -------------
             Total liabilities                                                    4,785,280      5,050,608
                                                                               -------------  -------------
Commitments and contingencies

Minority interest in subsidiary                                                     731,523        631,183
                                                                               -------------  -------------
Stockholders' equity:
      Convertible preferred stock, nonvoting, 10% non-cumulative, no liquidation
         preference, $.001 par value; 10,000,000 shares
         authorized; 60,675 shares issued and outstanding                                61             61
      Common stock, $.02 par value; 50,000,000 shares authorized;
         5,276,573 and 5,274,073 shares issued and outstanding                      105,531        105,481
      Less common stock subscriptions receivable                                   (221,250)      (221,250)
      Treasury Stock, at cost; 59,500 and 47,000 shares at
         September 30, 2001 and December 31, 2000, respectively                    (256,265)      (189,466)
      Additional paid-in capital                                                  3,504,222      3,429,272
      Retained earnings                                                             397,215         93,369
                                                                               -------------  -------------
             Total stockholders' equity                                           3,529,514      3,217,467
                                                                               -------------  -------------

             Totals                                                             $ 9,046,317    $ 8,899,258
                                                                               =============  =============
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       -4-

<PAGE>
<TABLE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<CAPTION>


                                                 Three Months Ended September 30    Nine Months Ended September 30
                                                  ------------------------------    ------------------------------
                                                           (unaudited)                        (unaudited)
Revenues:                                              2001            2000               2001            2000
                                                  -------------    -------------      -------------   -------------
<S>                                               <C>              <C>                <C>             <C>
       Advertising                                $  1,981,546     $  1,694,393       $  6,316,256    $  5,073,272
       Subscriber fees                                 855,477          747,996          2,551,466       2,083,841
       Membership services                             737,678          714,213          2,430,447       2,268,740
       Trips and outings                               806,149          807,360            895,289         807,360
       Other Income                                     28,092                             78,138
                                                  -------------    -------------     -------------    -------------
            Total revenues                           4,408,942        3,963,962        12,271,596       10,233,213
                                                  -------------    -------------     -------------    -------------

Expenses:
       Satellite transmission fees                     568,581          531,326         1,672,859        1,588,098
       Advertising and programming                     631,755          295,462         1,752,055          910,508
       Trips and outings                               491,200          507,014           531,050          507,014
       Selling, general and administrative           2,320,531        1,716,215         7,593,175        5,062,473
                                                  -------------    -------------     -------------    -------------

            Total expenses                           4,012,067        3,050,017        11,549,139        8,068,093
                                                  -------------    -------------     -------------    -------------

Income  from operations                                396,875          913,945           722,457        2,165,120

Other income (expense):
   Interest expense                                    (32,983)         (49,852)          (90,732)        (148,022)
   Interest income                                      23,331           29,476            75,461           75,760
                                                  -------------    -------------     -------------    -------------

Income before provision for
   income taxes and minority interest                  387,223          893,569           707,186        2,092,858

Provision for income taxes                             166,000          375,000           303,000           75,000
                                                  -------------    -------------     -------------    -------------

Income before minority interest                        221,223          518,569           404,186        2,017,858

Minority interest in net income of
   consolidated subsidiary                              35,148          112,328           100,340          348,363
                                                  -------------    -------------     -------------    -------------

Net income                                        $    186,075     $    406,241      $    303,846     $  1,669,495
                                                  =============    =============     =============    =============

Earnings per common share:
  Basic                                           $       0.04     $       0.08      $       0.06     $       0.32
                                                  =============    =============     =============    =============
  Diluted                                         $       0.03     $       0.07      $       0.05     $       0.31
                                                  =============    =============     =============    =============

Weighted average number of common
shares outstanding:
  Basic                                              5,225,659        5,266,997         5,225,659        5,266,383
                                                  =============    =============     =============    =============
  Diluted                                            5,734,066        5,457,515         5,720,083        5,457,539
                                                  =============    =============     =============    =============
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       -5-

<PAGE>

<TABLE>
                               GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                          CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

<CAPTION>
                                                                Nine Months Ended September 30,
                                                                -------------------------------
                                                                     2001             2000
                                                                -------------------------------
                                                                          (unaudited)
<S>                                                             <C>              <C>
Operating activities:
    Net income                                                  $   303,846      $ 1,669,496
    Adjustments to reconcile net income to net cash
        provided by operating activities:
        Depreciation and amortization                               398,656          186,961
        Provision for doubtful accounts                             382,043           (8,898)
        Deferred income taxes                                       240,485          (75,000)
        Issuance of subsidiary stock as compensation                                 158,342
        Interest on stock subscription receivable                   (19,939)         (11,075)
        Stock option compensation expense                            56,250
        Minority interest in net income of consolidated
           subsidiary                                               100,340          348,363
    Cash provided (used) by changes in operating assets
        and liabilities:
        Accounts receivable                                        (189,183)        (938,758)
        Inventories                                                  52,080            2,051
        Other current assets                                       (130,834)         (48,971)
        Other assets                                                 33,896          (37,731)
        Accounts payable and accrued expenses                      (300,881)        (114,773)
        Deferred revenue                                             17,697          125,001
        Deferred satellite rent obligations                         (51,165)         (23,165)
        Deferred compensation                                        27,250            3,499
                                                                ------------     ------------

           Net cash provided by operating activities                920,541        1,235,342
                                                                ------------     ------------

Investing activities:
    Purchases of property, plant, and equipment                    (410,944)        (327,561)
                                                                ------------     ------------

Financing activities:
    Principal payments on long-term debt and capital leases        (408,560)        (550,604)
    Principal payments on stockholder loans                        (114,626)          (2,863)
    Proceeds from long term debt                                    350,000
    Purchase of treasury stock                                      (66,799)
    Advances from Stockholders                                                       180,000
                                                                ------------     ------------

           Net cash used in financing activities                   (239,985)        (373,467)
                                                                ------------     ------------

Net increase in cash and cash equivalents                           269,612          534,314

Cash and cash equivalents, beginning of period                    1,844,449          750,351
                                                                ------------     ------------

Cash and cash equivalents, end of period                        $ 2,114,061      $ 1,284,665
                                                                ============     ============
Supplemental disclosure of noncash investing and
financing activities:

  Acquisition of equipment under capital lease obligations      $   214,957
                                                                ============

  Issuance of common stock for purchase of inventory            $    18,750
                                                                ============
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                       -6-

<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 1.  Organization

              Global Outdoors, Inc. (the "Company") owns a majority interest in
              The Outdoor Channel, Inc. ("The Outdoor Channel" or "Channel"), a
              national television network devoted primarily to traditional
              outdoor activities, such as hunting, fishing, shooting sports,
              rodeo and recreational gold prospecting. The Company has a variety
              of other business activities. The Company receives revenues from
              the sale of memberships in a gold prospecting club, Gold
              Prospectors' Association of America, Inc. ("GPAA") and from the
              sale of memberships in Lost Dutchman's (LDMA-AU, Inc.) which
              entitle members to engage in recreational prospecting on its
              California, Oregon, Alaska, Nevada, Arizona, Colorado, Georgia,
              North Carolina and South Carolina properties. The Company has
              signed a mutual use agreement with another organization whose
              members are entitled to engage in recreational mining on certain
              of each other's properties. The Company receives revenues from its
              trips and outings division which includes its "Alaska Trip," a
              recreational gold mining expedition to the Company's Cripple River
              property located near Nome, Alaska, advertising revenue in a
              bi-monthly magazine, advertising revenues through cable television
              programming on The Outdoor Channel, Inc. and through merchandise
              sales.

Note 2.  Unaudited Interim Financial Statements

              In the opinion of management, the accompanying unaudited condensed
              consolidated financial statements reflect all adjustments,
              consisting of normal recurring accruals, necessary to present
              fairly the financial position of the Company as of September 30,
              2001 and its results of operations for the three and nine months
              ended September 30, 2001 and 2000 and cash flows for the nine
              months ended September 30, 2001 and 2000. Information included in
              the condensed consolidated balance sheet as of December 31, 2000
              has been derived from, and certain terms used herein are defined
              in, the audited financial statements of the Company as of December
              31, 2000 and for the years ended December 31, 2000 and 1999 (the
              "Audited Financial Statements") included in the Company's Annual
              Report on Form 10-KSB (the "10-KSB") for the year ended December
              31, 2000 that was previously filed with the Securities and
              Exchange Commission (the "SEC"). Pursuant to the rules and
              regulations of the SEC, certain information and disclosures
              normally included in financial statements prepared in accordance
              with accounting principles generally accepted in the United States
              of America have been condensed or omitted from these financial
              statements unless significant changes have taken place since the
              end of the most recent fiscal year. Accordingly, these unaudited
              condensed consolidated financial statements should be read in
              conjunction with the Audited Financial Statements and the other
              information also included in the 10-KSB.

              The results of the Company's operations for the three and nine
              months ended September 30, 2001 are not necessarily indicative of
              the results of operations for the full year ending December 31,
              2001.

                                       -7-

<PAGE>

Note 3.  Earnings per share

              The Company has presented "basic" and "diluted" earnings per
              common share in the accompanying consolidated statements of
              operations in accordance with the provisions of Statement of
              Financial Accounting Standards No. 128, "Earnings per Share"
              ("SFAS 128"). Basic earnings per common share is calculated by
              dividing net income applicable to common stock by the weighted
              average number of common shares outstanding during each period.
              The calculation of diluted earnings per common share is similar to
              that of basic earnings per common share, except that the
              denominator is increased to include the number of additional
              common shares that would have been outstanding if all potentially
              dilutive common shares, such as those that could be issued upon
              the exercise of stock options and warrants and the conversion of
              preferred stock, were issued during the period.

              The computations of diluted earnings per common share for the
              three and nine months ended September 30, 2001 and 2000 take into
              account the effects on the weighted average number of common
              shares outstanding of the assumed exercise of all of the Company's
              outstanding stock options and warrants, adjusted for the
              application of the treasury stock method, and the conversion of
              all of the Company's outstanding shares of preferred stock.

              The following table presents the calculation of the number of
              shares outstanding for the calculation of basic and diluted
              earnings per share in the three and nine months ended September
              30, 2001 and 2000:

<TABLE>
<CAPTION>
                                                              Three months  Three months   Nine months    Nine months
                                                                  Ended        Ended         Ended           Ended
                                                              Sept 30,2001  Sept 30,2000  Sept 30,2001   Sept 30,2000
                                                              ------------  ------------  ------------   ------------
       <S>                                                      <C>           <C>          <C>             <C>
       Weighted average common shares outstanding and basic
       earnings per common share                                5,225,659     5,266,997    5,225,659       5,266,383

       Dilutive effect of potential common shares issuable
       upon conversion of preferred stock                          60,675        60,675       60,675          60,675

       Dilutive effect of potential common shares issuable upon exercise of
       stock options and warrants, as adjusted for the application of the
       treasury
       stock method                                               447,732       129,843      433,749         130,481
                                                              ------------  ------------  ------------   ------------
       Diluted weighted average common shares
       outstanding and diluted earnings per
       common share                                             5,734,066     5,457,515    5,720,083       5,457,539
                                                              ============  ============  ============   ============
</TABLE>

                                       -8-

<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 4.  Segment information

              The Company follows the provisions of Statement of Financial
              Accounting Standards No. 131, DISCLOSURES ABOUT SEGMENTS OF AN
              ENTERPRISE AND RELATED INFORMATION ("SFAS 131"). Pursuant to the
              provisions of SFAS 131, the Company is reporting segment
              information in the same format reviewed by the Company's
              management (the "management approach"). The Company segregates its
              business activities into the major areas that generate revenues.
              LDMA-AU and GPAA membership sales and related activities are
              reported separately as they deal with recreational prospecting and
              rights to use land and facilities for camping and recreational
              vehicle parking. Trips and outings constitute another business
              activity of the Company whereby members can participate in a group
              prospecting activity at a Company site, usually lasting for a week
              or less. The annual Alaska trip, included in this category, allows
              members to travel to the Company's Alaska property from one to six
              weeks to participate in prospecting activities. The Outdoor
              Channel is a separate business activity whereby the subsidiary
              broadcasts television programming on "The Outdoor Channel" 24
              hours a day, seven days a week, and recognizes advertising and
              subscription revenues.

                                       -9-

<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 4.  Segment information (concluded)

              Information with respect to these reportable business segments for
              the three months and nine months ended September 30, 2001 and 2000
              is as follows:

<TABLE>
<CAPTION>
                                             Income (Loss)                     Depreciation     Additions to
                                                Before           Total             and         Property, Plant
                              Revenues       Income Taxes       Assets         Amortization    and Improvements
                            ------------     ------------     ------------     ------------     ------------
<S>                         <C>              <C>              <C>              <C>              <C>
Three months ended
September 30, 2001

Trips and Outings           $   806,149      $    48,873      $ 2,533,488      $    27,297      $    44,970
The Outdoor Channel           2,782,449          269,926        4,427,749           51,354           23,888
Membership sales
   of recreational
   prospecting and
   mineral rights and
   merchandise sales            820,344           68,424        2,085,080           67,932           14,413
                            ------------     ------------     ------------     ------------     ------------

      Totals                $ 4,408,942      $   387,223      $ 9,046,317      $   146,583      $    83,271
                            ============     ============     ============     ============     ============


                                             Income (Loss)                     Depreciation     Additions to
                                                Before           Total             and         Property, Plant
                              Revenues       Income Taxes       Assets         Amortization    and Improvements
                            ------------     ------------     ------------     ------------     ------------
Nine months ended
September 30, 2001

Trips and Outings           $   895,289      $    70,866      $ 2,533,488      $    71,916      $   155,468
The Outdoor Channel           8,705,257          852,805        4,427,749          146,880          193,093
Membership sales
   of recreational
   prospecting and
   mineral rights and
   merchandise sales          2,671,050         (216,485)       2,085,080          179,860          277,383
                            ------------     ------------     ------------     ------------     ------------

      Totals                $12,271,596      $   707,186      $ 9,046,317      $   398,656      $   625,944
                            ============     ============     ============     ============     ============

              Information with respect to these reportable business segments for
              the three months and nine months ended September 30, 2000 is as
              follows:

                                             Income (Loss)                     Depreciation     Additions to
                                                Before           Total             and         Property, Plant
                              Revenues       Income Taxes       Assets         Amortization    and Improvements
                            ------------     ------------     ------------     ------------     ------------
Three months ended
September 30, 2000

Trips and Outings           $   807,360      $   300,346      $ 1,295,098      $    23,022      $    27,828
The Outdoor Channel           2,431,369          598,006        3,593,523           33,444           62,142
Membership sales
   of recreational
   prospecting and
   mineral rights and
   merchandise sales            725,233           (4,783)       3,584,150            7,031           49,431
                            ------------     ------------     ------------     ------------     ------------

      Totals                $ 3,963,962      $   893,569      $ 8,472,771      $    63,497      $   139,401
                            ============     ============     ============     ============     ============


                                             Income (Loss)                     Depreciation     Additions to
                                                Before           Total             and         Property, Plant
                              Revenues       Income Taxes       Assets         Amortization    and Improvements
                            ------------     ------------     ------------     ------------     ------------
Nine months ended
September 30, 2000

Trips and Outings           $   807,360      $   300,346      $ 1,295,098      $    71,718      $    27,828
The Outdoor Channel           6,861,733        1,864,318        3,593,523          100,331          254,706
Membership sales
   of recreational
   prospecting and
   mineral rights and
   merchandise sales          2,564,120          (71,806)       3,584,150           14,912           45,027
                            ------------     ------------     ------------     ------------     ------------

      Totals                $10,233,213      $ 2,092,858      $ 8,472,771      $   186,961      $   327,561
                            ============     ============     ============     ============     ============
</TABLE>
                                      -10-
<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 5.   Income Taxes

              The Company had an income tax provision of $166,000 and $303,000
              included in the accompanying condensed consolidated statements of
              operations for the three months and nine months ended September
              30, 2001, respectively, which was comprised of current tax expense
              of $34,000 and $62,000 and deferred tax expense of $132,000 and
              $241,000 for the three and nine months ended September 30, 2001,
              respectively. The Company had an expense for income taxes of
              $375,000 and $75,000 for the three and nine months ended September
              30, 2000.

              During the nine months ended September 30, 2000, the Company was
              able to increase revenues substantially, generate pre-tax income
              for financial statement and tax reporting purposes and utilize a
              portion of its net operating loss carryforwards. In addition,
              management believes that it is more likely than not that the
              Company will be able to generate sufficient future taxable income
              to enable it to utilize all of the company's remaining net
              operating loss carryforwards available of approximately $1,000,000
              as of September 30, 2000. Accordingly, the Company reduced its net
              deferred tax asset valuation allowance by approximately $500,000
              in the first six months of the nine months ended September 30,
              2000, respectively.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

This report on Form 10-QSB contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The
Company intends that such forward-looking statements be subject to the safe
harbors created thereby. This report should be read in conjunction with the
Company's report on Form 10-KSB for the year ended December 31, 2000.


COMPARISON OF THREE MONTHS ENDED SEPTEMBER 30, 2001 AND SEPTEMBER 30, 2000

     REVENUES. The Company's revenues include revenues from advertising fees,
subscriber fees, GPAA and Lost Dutchman's membership sales, product sales and
trips and outings sales. Advertising fees result from the sale of advertising
time on The Outdoor Channel and from advertising space in publications such as
the Gold Prospector magazine. Revenues for the quarter ended September 30, 2001
were $4,408,942, an increase of $444,980, or 11%, compared to revenues of
$3,963,962 for the quarter ended September 30, 2000. This increase was the
result of changes in several items composing revenue. Advertising increased to
$1,981,546 for the quarter ended September 30, 2001 from $1,694,393 for the
quarter ended September 30, 2000, primarily due to an increase in advertising
revenue on The Outdoor Channel. Subscriber fees increased to $855,477 for the
quarter ended September 30, 2001 from $747,996 for the quarter ended September
30, 2000, primarily due to increases in cable affiliate subscriber fees.
Membership services stayed about the same at $737,678 for the quarter ended
September 30, 2001 compared to $714,213 for the quarter ended September 30,
2000. Trips and outings stayed about the same at $806,149 for the quarter ended
September 30, 2001 compared to $807,360 for the quarter ended September 30,
2000, consisting of participation on the Company's Alaska trip expedition.

                                      -11-

<PAGE>

     EXPENSES. The Company's expenses consist primarily of the cost of satellite
transponder and uplink facilities, programming, advertising and promotion, trips
and outings expenses, sales and administrative salaries, office expenses and
general overhead. Expenses for the quarter ended September 30, 2001 were
$4,012,067 an increase of $962,050, or 32%, compared to $3,050,017 for the
quarter ended September 30, 2000. This increase was primarily the result of an
increase in selling, general and administrative expenses which increased
significantly to $2,320,531 for the quarter ended September 30, 2001, compared
to $1,716,215 for the quarter ended September 30, 2000. This increase was due to
several factors including the following: Growth at The Outdoor Channel resulted
in significant increases in personnel related costs including bonuses and
instituting a 401(K) plan. It was determined to increase the allowance for
doubtful accounts for the likely default of one significant advertising customer
and several smaller advertising customers of The Outdoor Channel. Advertising
and programming increased to $631,755 for the quarter ended September 30, 2001,
compared to $295,462 for the quarter ended September 30, 2000, due to The
Outdoor Channel's consumer and trade awareness campaigns. Satellite transmission
fees remained near the same level at $568,581 for the quarter ended September
30, 2001 compared to $531,326 for the quarter ended September 30, 2000.

     INCOME BEFORE PROVISION FOR INCOME TAXES AND MINORITY INTEREST. Income
before provision for income taxes and minority interest was lower as a
percentage of revenues at 9% for the three months ended September 30, 2001
compared to 23% for the three months ended September 30, 2000. This was due
primarily to the Company incurring the expenses referred to above for the three
months ended September 30, 2001, compared to the three months ended September
30, 2000.

COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 2001 AND SEPTEMBER 30, 2000

     REVENUES. The Company's revenues include revenues from advertising fees,
subscriber fees, GPAA and Lost Dutchman's membership sales, product sales and
trips and outings sales. Advertising fees result from the sale of advertising
time on The Outdoor Channel and from advertising space in publications such as
the Gold Prospector magazine. Revenues for the nine months ended September 30,
2001 were $12,271,596, an increase of $2,038,383, or 20%, compared to revenues
of $10,233,213 for the nine months ended September 30, 2000. This increase was
the result of changes in several items composing revenue. Advertising increased
to $6,316,256 for the nine months ended September 30, 2001 from $5,073,272 for
the nine months ended September 30, 2000, primarily due to an increase in
advertising revenue on The Outdoor Channel. Subscriber fees increased to
$2,551,466 for the nine months ended September 30, 2001 from $2,083,841 for the
nine months ended September 30, 2000, primarily due to increases in cable
affiliate subscriber fees. Membership services increased to $2,430,447 for the
nine months ended September 30, 2001 from $2,268,740 for the nine months ended
September 30, 2000 due to the increased distribution of The Outdoor Channel.
Trips and outings increased to $895,289 for the nine months ended September 30,
2001 From $807,360 for the nine months ended September 30, 2000, due primarily
to increased participation on the Company's Alaska trip expedition and Mother
Lode trip.

     EXPENSES. The Company's expenses consist primarily of the cost of satellite
transponder and uplink facilities, programming, advertising and promotion, trips
and outings expenses, sales and administrative salaries, office expenses and
general overhead. Expenses for the nine months ended September 30, 2001 were
$11,549,139 an increase of $3,481,046, or 43%, compared to $8,068,093 for the
nine months ended September 30, 2000. This increase was primarily the result of
an increase in selling, general and administrative expenses which increased
significantly to $7,593,175 for the nine months ended September 30, 2001,
compared to $5,062,473 for the nine months ended September 30, 2000. This
increase was due to several factors including the following: Growth at The
Outdoor Channel resulted in significant increases in personnel related costs
including bonuses and instituting a 401(K) plan. It was determined to increase
the allowance for doubtful accounts for the likely default of one significant
advertising customer and several smaller advertising customers of The Outdoor
Channel. Professional and legal expenses were incurred to resolve a past
contingency matter. Advertising and programming increased to $1,752,055 for the
nine months ended September 30, 2001, Compared to $910,508 for the nine months
ended September 30, 2000, due to The Outdoor Channel's consumer and trade
awareness campaigns. Satellite transmission fees remained near the same level at
$1,672,859 for the nine months ended September 30, 2001 compared to $1,588,098
for the nine months ended September 30, 2000.

     INCOME BEFORE PROVISION FOR INCOME TAXES AND MINORITY INTEREST. Income
before provision for income taxes and minority interest was lower as a
percentage of revenues at 6% for the nine months ended September 30, 2001
compared to 20% for the nine months ended September 30, 2000. This was due
primarily to
the Company incurring the expenses referred to above for the nine months ended
September 30, 2001, compared to the nine months ended September 30, 2000.

GENERAL

     Global Outdoors, Inc. (the "Company" or "Global") is the principal owner of
The Outdoor Channel, Inc. which owns and operates The Outdoor Channel ("The
Outdoor Channel" or "Channel"), the first national television network devoted
primarily to traditional outdoor activities, such as hunting, fishing, shooting
sports, rodeo and recreational gold prospecting. The Company also owns and
operates related businesses which serve the interests of viewers of The Outdoor

                                      -12-

<PAGE>

Channel and other outdoor enthusiasts. These related businesses include,
LDMA-AU, Inc. ("Lost Dutchman's"), Gold Prospectors' Association of America,
Inc. ("GPAA") and the Trips Division. Lost Dutchman's is a national recreational
gold prospecting campground club with over 7,000 members and properties in
California, Oregon, Nevada, Arizona, Colorado, Georgia, South Carolina and North
Carolina. GPAA is the largest recreational gold prospecting club in the world
with approximately 34,000 active members. GPAA also sells products and services
related to recreational gold prospecting and is the publisher of the Gold
Prospector magazine. The Company's Trips and outings Division sponsors unique
recreational prospecting trips to the historic Mother Lode area of California
and to the Company's 2300 acre camp, located 11 miles west of Nome, Alaska.

     The Company together with its predecessors has been selling its GPAA club
memberships since 1968. GPAA membership sales took a marked upswing in 1992 in
conjunction with the airing of the "Gold Prospector Show," a show the Company
has owned and produced since 1990. During 1992, the "Gold Prospector Show" was
broadcast on various television and cable channels, for which the Company
purchased air time. In 1993, GPAA launched The Outdoor Channel and, since then,
broadcasts of the "Gold Prospector Show" and related sales of GPAA memberships
have occurred almost exclusively on The Outdoor Channel. The Company intends
that The Outdoor Channel be used as a primary vehicle to promote the Company's
services and products and anticipates that it will be a factor in the future
growth of GPAA, Lost Dutchman's and the Trips Division. In that regard, in 1998
the Company entered into a long term contract with The Outdoor Channel whereby
the Company has the rights to ten hours of programming time and thirty sixty
second advertising spots per week. The Outdoor Channel became profitable and
cash flow positive in 1999. Subsequently, the Company has directed more
resources to other Company divisions.

     Although The Outdoor Channel is not aligned with any sizable entertainment
or cable company, as are many emerging channels, the Channel has become an
established network with industry wide visibility. The Outdoor Channel is
committed to converting visibility for the Channel's programming into greater
distribution into cable households. Greater distribution will allow The Outdoor
Channel to charge higher advertising rates, command higher subscriber fees from
cable affiliates, attract more advertisers and receive greater revenues for the
Company's products.

     A primary objective of the Company is for The Outdoor Channel to obtain
distribution. To accomplish this objective the Channel seeks to sign national
carriage agreements with multi system cable operators ("MSOs") and thereafter
carriage agreements with the MSOs' individual cable affiliates and to obtain
distribution with direct broadcast satellite ("DBS") companies. As of October
2001, The Outdoor Channel was launched on approximately 3,456 cable and DBS
systems with availability to approximately 36 million households of which The
Outdoor Channel has approximately 12 million subscribers. From January 1, 2001
to September 30, 2001, the Channel grew by approximately 4.1 million cable and
DBS subscribers.

                                      -13-

<PAGE>

    In April 2001, the press noted that ESPN may launch an outdoor network,
thereby adding a well connected competitor to The Outdoor Channel's niche. The
Outdoor Channel will continue to explore strategic partners and other strategic
alternatives such as an investment from a larger entity in its industry to
bolster its growth and enhance value. The Company has retained Bear, Stearns &
Co. Inc., a Wall Street investment company to assist in this process.

    Although advertising revenue was up significantly for the quarter ended
September 30, 2001 compared to the quarter ended September 30, 2000, it was
short of management's expectations. This was due primarily to softness in short
form advertising for the third quarter at The Outdoor Channel. Short form
advertising sales which consists of thirty second to two minute spots has
recovered significantly so far in the fourth quarter, but it is too early to
determine whether The Outdoor Channel will meet its goals in this area. Although
expenses for the third quarter 2001 were up significantly compared to the third
quarter of 2000, the Company met its overall goal for total expenses for the
third quarter of 2001. There would have been significant savings on its target
except the bad debt expense was approximately $311,272 to provide for the
default of a long form advertising customer and several short form customers of
The Outdoor Channel.

    As of October 2001, the Company as a whole is generating sufficient cash
flow from operations to meet its short-term cash flow requirements. The Outdoor
Channel is also meeting its short-term cash flow requirements and is profitable.
Management believes that the Company's existing cash resources and anticipated
cash flow from operations will be sufficient to fund the Company's operations at
current and moderately expanded levels for the next twelve months. In the event
that the Company desires to grow at an accelerated rate, to the extent that its
anticipated cash flow is insufficient to finance the Company's working capital
requirements, the Company could be required to seek financing. There can be no
assurance that equity or debt financing will be available if needed, or, if
available, will be on terms favorable to the Company or its shareholders.
Significant dilution may be incurred by present shareholders as a result of any
such financing. At the current level of operations, the Company is retiring some
of its existing debt and intends to make further improvements to some of its
other properties. At the current level of operations, the Channel has increased
its promotional activities and augmented its professional staff.

     Since July 30, 1997, the Company's Common Stock has been traded on the
NASD's over the counter Bulletin Board under the symbol "GLRS." Price quotes on
the Company's Common Stock can be obtained from any stockbroker. Also, price
quotes can be obtained from a number of other sources including internet sites
on America On Line, Yahoo Finance and cnbc.com.

                                      -14-

<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

    (a)  Exhibits
         --------

     Exhibit
     Number
     ------

     None.

    (b)  Reports on Form 8-K
         -------------------

         None.

                                      -15-


<PAGE>

                                   SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                        GLOBAL OUTDOORS, INC.
                                        (Registrant)

Dated:  November 5, 2001                By: /S/ PERRY T. MASSIE
                                        ----------------------------
                                        PERRY T. MASSIE,
                                        President and Chief Executive Officer

Dated:  November 5, 2001                By: /S/ MARK C. CORCORAN
                                        ----------------------------
                                        MARK C. CORCORAN,
                                        Controller
                                        (Principal Financial and Accounting
                                         Officer)


                                      -16-