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Acclaim Reports Third Quarter Results

Acclaim Entertainment, Inc. has announced profitable results of US$0.2 million in earnings before an extraordinary gain on net revenues of $38.6 million for its third fiscal quarter ended June 2, 2001. These profits were achieved before the gain of $7.1 million, or $0.12 per diluted share, from the early retirement of $13.9 million principal amount of the 10% convertible subordinated notes. For the first nine months of its fiscal 2001, Acclaim reported earnings of $11.6 million or $0.20 per diluted share before the extraordinary gain, and with the extraordinary gain, reported net earnings of $18.7 million or $0.32 per diluted share on net revenues of $151.0 million compared with a net loss of $68.2 million or $1.21 per diluted share for the first nine months of fiscal 2000. Acclaim owes the profitability to its recent reductions in its operating expenses. Net revenues for the three months ended June 2, 2001 were $38.6 million, compared to $4.8 million in the third quarter of the prior year. Operating expenses for the third quarter of fiscal 2001 of $24.9 million, a decrease of $15.9 million from $40.8 million for the third quarter of the prior year. The quarter was marked by the releases of ALL-STAR BASEBALL and CRAZY TAXI for PlayStation 2, BLAST LACROSSE and DAVE MIRRA FREESTYLE MAXIMUM REMIX for PlayStation, and ANTZ RACING for Game Boy Color. "This past quarter marks an important milestone for the company and our shareholders, as we continued to achieve profitability for three consecutive quarters, shifted our product mix effectively from PlayStation game console and Sega Dreamcast to the PlayStation 2 computer entertainment system, significantly reduced the outstanding balance of our convertible notes and delivered several successful and highly regarded titles," said Gregory Fischbach, CEO of Acclaim. In the fourth quarter, the gaming company plans to release 18 WHEELER, LEGENDS OF WRESTLING and JEREMY MCGRATH SUPERCROSS WORLD for the PlayStation 2; ALL STAR BASEBALL 2002, DAVE MIRA BMX 2, QUARTERBACK CLUB and XG3 EXTREME G RACING for Nintendo's GAMECUBE; and DAVE MIRA BMX 2 for Xbox.

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