Electronic Arts Q1 Results
Created 08/06/2001 - 23:00
files/pictures/picture-35.jpgElectronic Arts announced its results for the first fiscal quarter ended June 30, 2001. Consolidated net revenues were US$182 million compared to $154.8 million for the same quarter last year, an increase of 18%. On an as-reported basis, consolidated net loss and diluted loss per share were $45.3 million and $0.33, respectively, compared to a net loss and diluted loss per share of 42.3 million and $0.33, respectively, in the same period of the prior year. For the quarter, Electronic Arts' core business, which excludes the results of EA.com, reported pro forma net revenues of $166.1 million, an increase of 13%, compared to $146.4 million in the same quarter of the prior year. Electronic Arts' core business reported pro forma net loss in the quarter of $15.5 million. In the first quarter, EA.com reported pro forma net revenues of $16.4 million, an increase of 87%, compared to $8.8 million last year. The top selling new release for the quarter was NBA STREET. "I am pleased with our performance for the quarter and the progress we continue to make against our key strategic initiatives to be the market leader on next generation consoles, the PC and in online gaming," said Larry Probst, chairman and CEO of Electronic Arts. "We shipped an additional two titles for the PlayStation 2 during the quarter, bringing our total to 17 since launch. We achieved a 29% market share for the quarter and had 8 of the top 20 titles in the North American market. On the PC, we had over a 24% market share in North America and 4 of the top 5 titles during the quarter. THE SIMS continues to be at the top of the charts and, together with THE SIMS HOUSE PARTY and THE SIMS LIVIN' LARGE expansion packs, have sold over 7.8 million units life-to-date. According to independent sources, the EA.com/AOL Game Site garnered a 36% market share of online gaming time, or 1.7 billion minutes during the month of June, more than double our next closest competitor. Based upon total minutes, EA is the top game site and ranked 6th among the Media Metrix Top 100 Properties in the June period. We will continue to focus on maintaining our leadership on the PlayStation 2 and the PC, and plan to release products for both the Xbox and Nintendo GameCube, which are expected to launch this fall. We will also continue to add new titles for online subscription, the first of which is MAJESTIC, which has now gone live. As we look forward, we are excited about the market opportunity for next generation consoles, the PC and online gaming."