Topic: Electronic Arts Reports Record Quarterly Earnings

[WindyMan]

Kind of makes you wish you made $1.23 billion every three months at your job.

EA Reports Record $1.23 Billion Quarter

Driven by Harry Potter, James Bond, FIFA Soccer

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jan. 29, 2003--Electronic Arts today announced record financial results for the fiscal quarter ended December 31, 2002. Consolidated net revenues for the quarter were $1.23 billion, up 48 percent compared with $833 million for the fiscal quarter ending December 31, 2001. Net revenues were driven by: 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™.  Consolidated net income for the quarter was $250 million, an 89 percent increase over the prior year. Diluted earnings per share for the quarter was $1.69, up 84 percent, or $0.77, year over year.  

"This was a historic holiday season for the Company," said Larry Probst, Chairman and Chief Executive Officer of Electronic Arts. "EA became the first third-party publisher to achieve a billion dollar quarter. Eleven titles sold more than one million units. Our global development and publishing organizations have never been stronger."  

In the U.S., EA had five of the top ten titles on the industry leading PlayStation®2 computer entertainment system and five of the top ten titles on the PC. In Europe, EA had 4 titles that sold more than one million units each and FIFA 2003 outsold its nearest competitor by 2.5:1 across all platforms.  

"Our results again demonstrate the global strength of EA," said Warren Jenson, Chief Financial and Administrative Officer. "While revenues grew by 48 percent to $1.23 billion, we also delivered on the bottom line. EA's net income increased by 89 percent to $250 million and our trailing twelve month operating cash flow was $580 million."

The press release continues on into financial and statistical oblivion from here on out.  If you're the numbers type of fellow, feel free to read up on the rest of the release.