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EA announces financial report

  Electronic Arts posted earnings of $47.3 million (33 cents a share) for the fourth quarter today. Along with this, they reported $101.5 million (71 cents a share) for the year ending March 31. Last year EA exhibited a fourth-quarter loss of $17.9 million (13 cents a share) and a year-end loss of $11.1 million (8 cents a share). Software titles based on the Harry Potter movie sold 9 million units and greatly contributed to EA's earnings. Also, displayed a heavy amount of success and is also credited with aiding EA's report.

   "We increased revenue 83 percent for the year, and we reduced our operating expense run rate by over $15 million per quarter, compared to the fourth quarter last year," he said in a statement. "Our challenge for the coming year is to continue to monetize the extraordinary traffic and stickiness of our site through increased advertising and the release of key new subscription products."

   Sales for the quarter and the year were $469.7 million and $1.73 billion, respectively. This compares with $303.7 million and $1.32 billion a year ago.

5/11/2002 Matt Stensrud

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