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Electronic Arts Q4 Sales Rise 84% To Record $1.13 Billion

Electronic Arts has announced record fourth quarter sales up 84% driven by Army of Two, Burnout Paradise, and Rock Band, and record sales for its 2008 fiscal year of $3.67 billion, but saw losses rise on accounting changes.
Electronic Arts has announced record results for its fourth quarter ended March 31st and 2008 fiscal year, with sales up 84 percent to $1.13 billion in Q4, and yearly sales of $3.67 billion, up 19 percent over the year prior. At the same time, EA saw losses increase to $454 million, from profits of $76 million in fiscal 2007. The company also saw quarterly losses rise from $25 million a year prior to $94 million - both largely due to recently enacted accounting changes. Fourth quarter sales were driven by Army of Two and Burnout Paradise, as well as continued sales of Harmonix and MTV's Rock Band. Looking back at its yearly highlights, EA said it was the number one publisher across all platforms in North America, taking a 19 percent market share, and a 20 percent market share in Europe. The company also boasted number one third party status on the Wii in Europe, with its share rising 8 points to 15 percent. 27 games reached sales of a million units in the year, up from 24 the year prior, and 15 reached double platinum, with more than 2 million copies sold, up from ten in fiscal 2007. Across its Sims casual label, the Sims franchise itself sold over 100 million copies to date, and its casual portal and brand Pogo surpassed sales of $100 million -- up 41 percent over 2007. Finally, the company said its latest employee satisfaction survey saw double digit gains in employee engagement, and other "significant" improvements" over the last survey taken in 2004. Looking forward, EA says it expects sales between $4.9 and $5.15 billion for fiscal 2009, as CEO John Riccitiello promises further committment to "an aggressive change agenda at EA." "On balance, we're very pleased with our revenue growth, but not yet happy with our profit margins," Riccitiello concluded. "In fiscal 2009, we expect to deliver another $1 billion in revenue growth and to double our operating profit on the strength of our slate of titles."

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