Electronic Arts Announces First Quarter Fiscal 2003 Results
Posted by Ben on Friday, July 26 2002

REDWOOD CITY, Calif.--(BUSINESS WIRE)--July 25, 2002--Electronic Arts (Nasdaq:ERTS) today announced its results for the first fiscal quarter ended June 30, 2002.

Consolidated Results

Consolidated net revenues for the quarter were $331.9 million, an increase of 82% over the $182.0 million reported in the same quarter of the prior year. Consolidated net income and diluted earnings per share for the quarter were $7.4 million and $0.05, respectively, compared to a consolidated net loss and diluted loss per share of $45.3 million and $0.33, respectively, in the prior year. As a consequence of adopting Statement of Financial Accounting Standards ("SFAS") No. 142 as of April 1, 2002, the non-cash charges related to amortization of intangibles decreased from $6.5 million in the prior year to $2.2 million in the current year.

Pro Forma Consolidated Results

Pro forma(a) consolidated net income for the quarter was $9.0 million compared to a pro forma net loss of $40.8 million in the prior year. Excluded from pro forma consolidated net income was a pre-tax amortization of intangibles charge of $2.2 million compared to $6.5 million in the prior year. Pro forma diluted earnings per share for the quarter was $0.06, c