In a May 9, 2001 announcement, Activision, Inc. reported fourth quarter and fiscal year results for its interactive entertainment business. For the fiscal year ended March 31, 2001, net revenues were $620 million as compared with $572 million for the fiscal year ended March 31, 2000. Net income for the fiscal year was $21 million, or $0.75 per diluted share, compared with a net loss of $34 million, or $1.38 loss per diluted share reported for last year. Net revenues for the fourth quarter ended March 31, 2001 were a record $127 million, 22% greater than net revenues of $104 million that the company reported for the fourth quarter of the last fiscal year. For this fiscal year's fourth quarter, the company reported net income of $875,000, or $0.03 per diluted share, compared to net loss of $53 million or $2.07 loss per diluted share, for last fiscal year's fourth quarter. The company's net revenues and earnings per share were the highest in its history. Activision's momentum was fueled by strong demand for its products worldwide which included SPIDER-MAN, X-MEN: MUTANT ACADEMY, DISNEY/PIXAR'S TOY STORY RACER, DISNEY/PIXAR'S BUZZ LIGHTYEAR OF STAR COMMAND, DISNEY'S THE LION KING: SIMBA'S MIGHTY ADVENTURE and others. For the quarter ended March 31, 2001, Activision continued to have top 10 titles on the PlayStation, Nintendo 64, Game Boy Color and Dreamcast platforms. The company's U.S. console and handheld business increased 27% over the same period last year despite a 3% decline in the overall market. Subsequent to March 31, 2001, Activision announced that the company's calls for redemption resulted in the conversion of approximately $35 million aggregate principal amount of its 63/4% convertible subordinated notes due 2005. The company has also called for the redemption of an additional $15 million in aggregate principal amount of its notes. Commenting on the companys record results, Robert Kotick, chairman and CEO of Activision, Inc. said, "Activision achieved record results in fiscal year 2001 despite a challenging software market. Our strong performance underscores the success of our multi-platform and brand strategies, as well as our leadership position on the existing console platforms. To date, our strong results and strong financial position have enabled us to eliminate approximately $46 million of the company's debt since December 31, 2000." Kotick went on to comment, "As the #1 independent publisher for the Game Boy color platform, we are very enthusiastic about the June 11, 2001 U.S. release of the Game Boy Advance. As we look forward to the first quarter of fiscal year 2002, we expect our market momentum will continue behind our recently released games, as well as our solid lineup of new titles, which include: BLOODY ROAR 3 for the PlayStation 2 computer entertainment system; TONY HAWK'S PRO SKATER 2, BOMBERMAN TOURNAMENT and PINOBEE: WINGS OF ADVENTURE for the Game Boy Advance; MAT HOFFMAN'S PRO BMX for the PlayStation game console and Game Boy Color; THE SIMPSON'S WRESTLING and THE WORLD'S SCARIEST POLICE CHASES for the PlayStation game console; and SPIDER-MAN for the Dreamcast."