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Acclaim's Annual Results Signal Strong Turnaround, Shares Jump

Acclaim released results for fiscal Q4 and the fiscal year, saying that it has turned the corner in its quest for profitability.
The good news boosted Acclaim's stock to a 10-week high in after-hours trading today, to 4.6. This week has seen Acclaim's stock price jump almost 40%. For the quarter, Acclaim reported earnings of $2.9 million ($.04 per share) on revenues of $46.5 million, compared with a loss of $63.5 million ($1.15 per share) last year on $16.7 million in revenues. For the year, Acclaim reported net earnings of $17.3 million ($0.26 per share) on net revenue of $197.6 million. Last year the company posted a net loss of $131.7 million ($2.36 per share) on net revenues of $188.6 million. The company said that Dave Mirra Freestyle BMX (for multiple platforms) Crazy Taxi, Dave Mirra Freestyle BMX 2 and All-Star Baseball 2002 for the PlayStation 2 accounted for approximately 19%, 10%, 6% and 5%, respectively, of the Company's gross revenue this fiscal year. Acclaim also raised guidance for revenue and profit for fiscal Q1 and Q2 2002. "Fiscal 2001 represents a successful turnaround year for the Company, as we achieved four consecutive profitable quarters," said Gregory Fischbach, CEO of Acclaim.

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