Vidgamemaker Activision reported its best year-end results ever, with net revenues up 27% over fiscal year 2001 to $786 million, and net income up 76%, to $52.2 million per diluted share.
Company execs also raised investor guidance for per-share earnings performance and revenues for fiscal 2003 and 2004.
The company said revenues this fiscal year should be $870 million, instead of a previously estimated $845 million, and could top $1 billion in 2004. Per-share 2003 earnings now are expected to hit $1.02, up from previous estimates of 94¢.
Prexy Robert Kotick said the company significantly improved its balance sheet, ending the year with $279 million in cash while lowering inventories.
The company will release 65 titles this year, including well-received “Spider-Man” titles that have shipped 1.5 million copies so far on five platforms in less than a month. With broader market penetration by the three next-generation vidgame consoles from Nintendo, Microsoft and Sony, Kotick said the company expects to profit substantially the next two years from bigger sales opportunities for its titles on all three platforms.
According to NPD TRSTS figures, Santa Monica-based Activision was the No. 2 independent game publisher, behind Electronic Arts.