Activision Posts Record Q1 Results, Extends Tony Hawk Agreement Into Next Decade

Activision announced Q1 results yesterday, posting outstanding results that set a new record for the company and surprised analysts.
Net revenues hit $191.3 million, 73% higher than last year. Net income for the first fiscal quarter was $20.7 million (31 cents per share), compared to the nearly break-even Q1 last year. Highlights of the quarter were Soldier of Fortune II: Double Helix for the PC; Spider-Man for the PS2, Xbox, GameCube, Game Boy Advance and the PC; Lost Kingdoms for the GameCube, Star Wars Jedi Knight II: Jedi Outcast and Return to Castle Wolfenstein for the PC; and Tony Hawk's Pro Skater 3 for the Xbox and Game Boy Advance. During the quarter Activision acquired Z-Axis, the studio that developed the Dave Mirra Freestyle BMX franchise, and purchased a 30% stake in Infinity Ward, a new studio comprised of developers who worked on Medal of Honor Allied Assault. The company also secured the rights to distribute id's upcoming game DOOM III. Activision increased its current fiscal year earnings-per-share guidance by 14%, and raised revenue guidance from $890 million to $920 million. It also raised guidance for fiscal 2004. Separately, Activision CEO Bobby Kotick announced that the company extended its exclusive partnership with Tony Hawk through the year 2015. So far, the Tony Hawk's Pro Skater franchise has generated more than $500 million in worldwide revenues.

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