Electronic Arts 4Q Profit Surges; Revenue Up 29%
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Electronic Arts 4Q Profit Surges; Revenue Up 29%
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Electronic Arts 4Q Profit Surges; Revenue Up 29%
REDWOOD CITY, Calif. -- Electronic Arts Inc.(NASDAQ-NMS:ERTS) (ERTS) reported surging fiscal fourth-quarter profit, boosted by strong videogame sales and lower income-tax expenses.
The videogame-software maker late Thursday reported net income of $90 million, or 29 cents a share, in the quarter ended March 31, up from $9.2 million, or three cents a share, in the year-earlier period.
The resolution of certain tax-related matters boosted earnings in the latest period by six cents a share, the company said.
Results in the latest period also included restructuring costs of $9.1 million, primarily for studio consolidations, while the year-earlier earnings were weighed down by asset-impairment and restructuring charges totaling $72 million.
Excluding items from both periods, Electronic Arts said it earned $77.2 million, or 25 cents a share, compared with $59.5 million, or 20 cents a share, a year earlier.
Revenue surged 29% to $598.4 million from $463.1 million, driven by sales of titles including "James Bond 007: Everything or Nothing," "Need for Speed Underground," "NFL Street" and "MVP Baseball 2004."
Looking ahead, Electronic Arts said it expects results for the first quarter to range from break-even to earnings of five cents a share on revenue between $ 390 million and $430 million.
For the full fiscal year ending in March 2005, the company projects earnings of $1.95 to $2.10 a share on revenue between $3.25 billion and $3.4 billion.
For the fiscal year ended March 31, Electronic Arts had net income of $577.3 million, or $1.87 a share, up 82% from $317.1 million, or $1.08 a share, in the year-earlier period. Revenue rose 19% to $2.96 billion from $2.48 billion.
The company reported results after the close of trading Thursday. As of 4 p.m. EDT, its shares were down 86 cents, or 1.7%, to $49.95.
-Diana Rosenberg; Dow Jones Newswires; 609-520-7817
Electronic Arts 4Q Profit Surges; Revenue Up 29%
REDWOOD CITY, Calif. -- Electronic Arts Inc.(NASDAQ-NMS:ERTS) (ERTS) reported surging fiscal fourth-quarter profit, boosted by strong videogame sales and lower income-tax expenses.
The videogame-software maker late Thursday reported net income of $90 million, or 29 cents a share, in the quarter ended March 31, up from $9.2 million, or three cents a share, in the year-earlier period.
The resolution of certain tax-related matters boosted earnings in the latest period by six cents a share, the company said.
Results in the latest period also included restructuring costs of $9.1 million, primarily for studio consolidations, while the year-earlier earnings were weighed down by asset-impairment and restructuring charges totaling $72 million.
Excluding items from both periods, Electronic Arts said it earned $77.2 million, or 25 cents a share, compared with $59.5 million, or 20 cents a share, a year earlier.
Revenue surged 29% to $598.4 million from $463.1 million, driven by sales of titles including "James Bond 007: Everything or Nothing," "Need for Speed Underground," "NFL Street" and "MVP Baseball 2004."
Looking ahead, Electronic Arts said it expects results for the first quarter to range from break-even to earnings of five cents a share on revenue between $ 390 million and $430 million.
For the full fiscal year ending in March 2005, the company projects earnings of $1.95 to $2.10 a share on revenue between $3.25 billion and $3.4 billion.
For the fiscal year ended March 31, Electronic Arts had net income of $577.3 million, or $1.87 a share, up 82% from $317.1 million, or $1.08 a share, in the year-earlier period. Revenue rose 19% to $2.96 billion from $2.48 billion.
The company reported results after the close of trading Thursday. As of 4 p.m. EDT, its shares were down 86 cents, or 1.7%, to $49.95.
-Diana Rosenberg; Dow Jones Newswires; 609-520-7817
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