Electronic Arts has announced the results from for the Q1 fiscal year, and not surprisingly, they're plenty impressive. According to the industry giant, first quarter net revenue increased 22% compared to last year's Q1 results, from $432 million to $353 million. Net income for the quarter also topped last year's by reaching $24 million. EA attributes the success in sales to its big-selling releases like Harry Potter and the Prisoner of Azkaban, Fight Night 2004 and UEFA Euro 2004.



"We are off to a great start in our new fiscal year," said Larry Probst, Chairman and Chief Executive Officer. "We received five Game Critics Awards for Best of E3 -- a record for any company and three of our first quarter releases went platinum. NCAA Football's week one sales are tracking over 50 percent ahead of last year, and Madden NFL's pre-orders are at record levels. We continue to extend our lead by creating great entertainment while building for the next generation of technology."



"EA delivered on both the top and bottom lines while making significant investments in next generation technology," said Warren Jenson, Chief Financial and Administrative Officer. "Even with a 43 percent increase in research and development expense, we were able to increase our net income by over 30 percent in the quarter."



EA's next release is Madden NFL 2005, which will undoubtedly sell big once it rushes into retailers on August 10. In case you're not marking you calendar, we'll let you know when the game officially hits stores.