EA Revenue, Income Up Sharply; Company To Consolidate Offices

Electronic Arts announced results for fiscal Q3 after the market closed tonight, posting record results.
Revenues for the quarter which ended December 31st hit $1.23 billion, up a staggering 48 percent over last year. Net income reached $250 million ($1.69 per share), up 89 percent from the prior year. The company says this marks the first time a third-party publisher has taken in a billion dollars in revenue in one quarter. The company cited many games for its successful holiday quarter, including Harry Potter and the Chamber of Secrets, James Bond 007: Nightfire, FIFA Soccer 2003, The Lord of the Rings - The Two Towers, Need for Speed Hot Pursuit 2, NBA Live 2003 and Medal of Honor Frontline. EA said that 11 titles sold more than one million units during the quarter. The company also announced a consolidation of its various offices in Southern California and Las Vegas. The company's studios in Los Angeles, Irvine and Las Vegas (where Westwood is located) will be merged into one large office in Los Angeles. Looking ahead to the end of the current quarter, EA believes its Q4 earnings will be between 27-35 cents a share on revenue of $420-$460 million. Shares of EA stayed fairly flat today, closing up 20 cents at $50.97.

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