Activision Announces Record 1st Quarter Results
Activision, Inc. has announced record financial results for the first fiscal quarter ended June 30, 2001. Net revenues were US$110.6 million, 31% higher than last years net revenues of $84.6 million. Net income for the first fiscal quarter was $29,000 or a nominal amount per share, compared with a net loss of $5.2 million, or $0.21 loss per share, reported for the same period last year. The company also announced an increase in its fiscal year 2002 earnings per share forecast from $0.80 to $0.87. The company is also increasing its revenue forecast from $605 million to $620 million and its fiscal year 2003 earnings per share to $1.11. Robert A. Kotick, chairman and CEO of Activision, said, "This is the most exciting period in the video game industry's history. The successful launches of the PlayStation 2 and Game Boy Advance, as well as the upcoming launches of additional new game systems this fall, will lead to substantial growth and increased opportunity for Activision. We're especially delighted with the continued performance of our action sports titles, including our recently launched MAT HOFFMAN'S PRO BMX for PlayStation and TONY HAWK'S PRO SKATER 2 for Game Boy Advance. Action sports continue to be one of the largest and fastest-growing genres in video games. With more than 60 marquee athletes signed and the success of games based on Tony Hawk and Mat Hoffman, Activision continues to be a leader in this category." For the second quarter, Activision will launch SPIDER-MAN: MYSTERIO'S MENACE and X-MEN: REIGN OF APOCALYPSE for the Game Boy Advance and STUART LITTLE: THE JOURNEY HOME for the Game Boy Color. In addition, second quarter releases will also include SPIDER-MAN games for the PlayStation and PC, X-MEN: MUTANT ACADEMY 2 for the PlayStation, TONY HAWK'S PRO SKATER 2 for the Nintendo 64 and MAT HOFFMAN'S PRO BMX for the Dreamcast.