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EA Revenues Up 82 Percent In Q1

Electronic Arts announced results it first quarter, posting consolidated net revenues (that is, consolidating the company's core business and its EA.com division) of $331.9 million, an 82 percent increase over last year.
Net income for the quarter was $7.4 million (5 cents per share) compared to net loss of $45.3 million (33 cents per share) last year. The company cited higher sales for PC and PS2 games as a major reason for its strong performance during the quarter. Breaking out EA's core business results, net revenues were up 88 percent over last year, to $312.4 million. Its pro forma net income was $21.8 million, compared to a pro forma net loss of $16.0 million last year during the same quarter. Unfortunately, the company's online division continues to lose money. Net revenues at EA.com were up 21 Percent over last year, to $19.8 million. That translated to a pro forma net loss of $12.8 million, compared to $24.8 million last year. Larry Probst, EA's Chairman and CEO, said the company is working to reduce costs at EA.com. During fiscal Q1, EA released 12 games on six different platforms during the quarter. Top-selling new releases during the quarter were Medal of Honor Frontline on the PS2; 2002 FIFA World Cup on the PS2, PC, Xbox, GameCube and PSX; and F1 2002 on the PS2, PC and Xbox. Continued top sellers included The Sims Vacation Expansion Pack, The Sims and Medal of Honor Allied Assault on PC; and James Bond 007 in...Agent Under Fire on GameCube, PS2 and Xbox.

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