Activision, Inc. has announced financial results for the fourth quarter and fiscal year ended March 31, 2003.



Net revenues for the fiscal year ended March 31, 2003 were $864.1 million or 10% higher, as compared to $786.4 million for the fiscal year ended March 31, 2002. Net income for the fiscal year was $66.2 million, or a record $0.96 per diluted share, compared with net income of $52.2 million, or $0.88 per diluted share reported for the last fiscal year.



Net revenues for the fourth quarter ended March 31, 2003 were $125.0 million as compared to $164.9 million that the company reported for the fourth quarter of the last fiscal year. For this fiscal year's fourth quarter, the company reported a net loss of $8.0 million or a loss per share of $0.13, as compared to net income of $10.9 million or $0.17 per diluted share, for last fiscal year's fourth quarter.



Activision increased its outlook for the first quarter of fiscal 2004 to $140 million in revenues and a loss per share of $0.01. The company also provided an outlook for the second quarter of $130 million in revenue and earnings per diluted share of $0.05. The company's full year outlook remains unchanged at $750 million in revenue and $0.70 earnings per diluted share.



Robert Kotick, Chairman and CEO of Activision, Inc. commented, "Fiscal 2003 was another record year for Activision. Not only did we deliver the highest net revenues and earnings in the company's history, we also significantly strengthened our business, balance sheet and overall financial position. We grew net income by 27%, and finished the year with more than $400 million of cash and short-term investments, lower inventories and all time low DSOs. We have one of the strongest balance sheets in the industry which gives us a clear competitive advantage as we enter the new fiscal year."



"We will enter fiscal 2004 with the largest installed base of video gaming platforms in the industry's history. We have a balanced portfolio of both licensed and original properties including id Software's Doom III and Return to Castle Wolfenstein, a new game based on Tony Hawk, Soldier of Fortune 2: Double Helix and Tenchu: Wrath of Heaven, X2 Wolverine's Revenge, Disney's Extreme Skate Adventure, as well as True Crime: Streets of L.A., Call of Duty and Pitfall Harry. As the installed base for the new console systems continues to grow, we believe that our diversified product slate, strong brand franchises and top developer partnerships will position us well for both near- and long-term opportunities."



So will 2004 be an even more profitable year for the acclaimed publisher/developer? Only time will tell.