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Activision Releases Financial Details

Activision  has released financial details from the first quarter of its 2005 fiscal year, which ended June 30, 2004. Net revenues were an all-time first quarter record of $211.3 million; compared to the $158.7 million it had one year earlier. Net income almost tripled to $12.0 million ($0.08 per diluted share) in the just-ended quarter, versus fiscal 2004 first quarter net income of $4.2 million ($0.03 per diluted share).
Off the strong quarter, Activision raised projections for the full 2005 fiscal year. The company now expects full year net revenues of $1.10 billion, up from a previous forecast of $1.05 billion, with diluted EPS of $0.69 (up from ($0.64). In its second quarter, Activision is eying net revenues of $254.0 million and diluted EPS of $0.08, while third quarter net earnings of $515.0 million and diluted EPS of $0.52 are expected.
Chairman and CEO Robert Kotick cited “solid execution worldwide” as one reason for the record first quarter, and noted the company’s “12 years of consecutive operating growth.” He added that the company plans to expand its international publishing reach, as part of its “increasing emphasis on European growth.” Kotick and Activision are also “excited about expanding operating margins through advertising and sponsors” as a result of the company’s partnership with Nielsen.
Regarding the next console cycle, Activision talked about a two-pronged approach that would have them stick with the current generation as long as “financial returns are significant,” while preparing to have a “presence” on all new hardware systems at launch. Activision is assuming that the Xbox version of DOOM 3 will be released in the December time frame, but noted that the date is merely for planning purposes.

7/21/2004 Aaron Thomas

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