Activision Reports Record Results for Fiscal 1999 Year End (beat by 2)
- FY 99 Net Income Increases 197% - - FY 99 Revenue Increases 40% -
SANTA MONICA, Calif., May 4 /PRNewswire/ -- Activision, Inc. (Nasdaq: ATVI - news) today announced financial results for the fourth quarter and fiscal year
ended March 31, 1999.
Net revenue for the fiscal year ended March 31, 1999 increased 40% to $436,485,000, from $312,058,000 for the fiscal year ended March 31, 1998. Net income
for the fiscal year was $15,254,000, or $0.66 per share (diluted), compared with a net income of $5,139,000, or $0.23 per share (diluted) for last year. This
represents a 197% increase in net income for fiscal year 1999 over fiscal year 1998.
Net revenue for the fourth quarter ended March 31, 1999 increased 69% to $115,235,000, from $68,123,000 for the fourth quarter of the last fiscal year. For this
fiscal year's fourth quarter, the Company reported net income of $5,210,000, or $0.22 per share (diluted), compared to net income of $689,000, or $0.03 per share
(diluted), for last fiscal year's fourth quarter.
Net revenue, net income and earnings per share for the fiscal year ended March 31, 1998 and for the quarter ended June 30, 1998 are restated from previously
reported results as a result of acquisitions occurring during the 1998 and 1999 fiscal years that initially were accounted for as immaterial poolings of interest. For the
fiscal year ended March 31, 1998, the restatement resulted in an increase in net revenue from $259,926,000 to $312,058,000, a decrease in net income from
$5,827,000 to $5,139,000, and a decrease in earnings per share from $0.30 to $0.23. For the fiscal quarter ended June 30, 1998, the restatement resulted in an
increase in net revenue from $51,880,00 to $61,531,000, a decrease in net loss from $(3,804,000) to $(3,744,000), and a decrease in loss per share from $(0.19)
to $(0.17).
''Our accomplishments were derived from our diverse operating assets, a solid slate of good quality products and fantastic execution by a talented, motivated
organization,'' commented Robert Kotick, Chairman and CEO of Activision, Inc. ''The absence of any blockbuster hits validated our strategy to generate strong
financial performance through a balanced portfolio of operating assets.''
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