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This excerpt taken from the ATVI 8-K filed Nov 10, 2008. ACTIVISION
BLIZZARD ANNOUNCES SEPTEMBER QUARTER RESULTS
- September Quarter Net Revenues and EPS Exceed Prior Outlook -
- Company Reaffirms Full Year 2008 Outlook –
- Company’s Board of Directors Authorizes $1 Billion Stock Repurchase Program -
Santa Monica, CA – November 5, 2008 – Activision Blizzard, Inc. (Nasdaq: ATVI) today announced September quarter financial results.
For the quarter ended September 30, 2008, Activision Blizzard’s GAAP net revenues were $711 million. Excluding the impact of change in deferred net revenues ($12 million) and net revenues from Activision Blizzard’s non-core exit operations ($6 million), the company’s non-GAAP net revenues were $717 million. Including Activision’s stand-alone net revenues of $53 million for July 1 – July 9, 2008, the company’s non-GAAP comparable-basis net revenues were $770 million. The company’s prior non-GAAP net revenue outlook was $620 million.
Activision Blizzard’s GAAP operating loss for the quarter was $194 million. Excluding the impact of the change in deferred net revenues and cost of sales ($12 million), the impact of equity-based compensation expense ($26 million), Activision Blizzard’s non-core exit operations loss ($110 million), one-time costs related to the business combination with Vivendi Games ($78 million), and the amortization of intangibles and the changes in costs of sales resulting from purchase price accounting adjustments ($90 million), Activision Blizzard’s non-GAAP operating income was $122 million. Including Activision’s stand-alone non-GAAP operating loss of $9 million for July 1 – July 9, 2008, the Company’s non-GAAP comparable-basis operating income was $113 million.
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Activision Blizzard Announces September Quarter Results
For the quarter, Activision Blizzard’s split-adjusted GAAP loss per share was $0.08. Excluding the impact of the change in deferred net revenues and cost of sales ($0.01 per share), the impact of equity-based compensation expense ($0.01 per share), Activision Blizzard’s non-core exit operations loss ($0.05 per share), one-time costs related to the business combination with Vivendi Games ($0.04 per share), and the amortization of intangibles and the changes in costs of sales resulting from purchase price accounting adjustments ($0.04 per share), Activision Blizzard’s non-GAAP split-adjusted earnings per diluted share were $0.07. The company’s prior non-GAAP split-adjusted earnings per diluted share outlook was $0.04.
Separately, Activision Blizzard also announced that its Board of Directors has authorized a stock repurchase program under which the company can repurchase up to $1 billion of the company’s common stock.
Robert Kotick, CEO of Activision Blizzard, stated, “For our first quarter as a combined company, Activision Blizzard’s financial results were higher than the outlook we provided on our last earnings call, both on a GAAP and non-GAAP basis. Our performance was driven by continued strong worldwide sales of Call of Duty® 4: Modern Warfare™, Guitar Hero®: Aerosmith® and Guitar Hero®: On Tour™, Blizzard Entertainment®’s World of Warcraft® and the international release of LucasArts’ Star Wars™: The Force Unleashed™.”
Kotick continued, “In the December quarter, we will launch our strongest holiday slate ever, which is based on some of the best-selling franchises in the industry. We are excited about our holiday releases, which are all based on proven franchises, and will deliver our entire slate on schedule with strong product quality on our key titles. However, we remain cautious given the likely slowdown in consumer spending this holiday season.”
“As a result of our strong momentum through the first 9 months of the year and our solid holiday slate, we are reaffirming our full year non-GAAP outlook of $4.9 billion in revenues and $1.2 billion in operating income. We also announced a $1 billion share repurchase program which illustrates our confidence in the long-term growth of the company and our commitment to providing superior returns to our shareholders,” Kotick added.
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Activision Blizzard Announces September Quarter Results
This excerpt taken from the ATVI 8-K filed Nov 5, 2008. ACTIVISION
BLIZZARD ANNOUNCES SEPTEMBER QUARTER RESULTS
- September Quarter Net Revenues and EPS Exceed Prior Outlook -
- Company Reaffirms Full Year 2008 Outlook –
- Company’s Board of Directors Authorizes $1 Billion Stock Repurchase Program -
Santa Monica, CA – November 5, 2008 – Activision Blizzard, Inc. (Nasdaq: ATVI) today announced September quarter financial results.
For the quarter ended September 30, 2008, Activision Blizzard’s GAAP net revenues were $711 million. Excluding the impact of change in deferred net revenues ($12 million) and net revenues from Activision Blizzard’s non-core exit operations ($6 million), the company’s non-GAAP net revenues were $717 million. Including Activision’s stand-alone net revenues of $53 million for July 1 – July 9, 2008, the company’s non-GAAP comparable-basis net revenues were $770 million. The company’s prior non-GAAP net revenue outlook was $620 million.
Activision Blizzard’s GAAP operating loss for the quarter was $194 million. Excluding the impact of the change in deferred net revenues and cost of sales ($12 million), the impact of equity-based compensation expense ($26 million), Activision Blizzard’s non-core exit operations loss ($110 million), one-time costs related to the business combination with Vivendi Games ($78 million), and the amortization of intangibles and the changes in costs of sales resulting from purchase price accounting adjustments ($90 million), Activision Blizzard’s non-GAAP operating income was $122 million. Including Activision’s stand-alone non-GAAP operating loss of $9 million for July 1 – July 9, 2008, the Company’s non-GAAP comparable-basis operating income was $113 million.
(more)
Activision Blizzard Announces September Quarter Results
For the quarter, Activision Blizzard’s split-adjusted GAAP loss per share was $0.08. Excluding the impact of the change in deferred net revenues and cost of sales ($0.01 per share), the impact of equity-based compensation expense ($0.01 per share), Activision Blizzard’s non-core exit operations loss ($0.05 per share), one-time costs related to the business combination with Vivendi Games ($0.04 per share), and the amortization of intangibles and the changes in costs of sales resulting from purchase price accounting adjustments ($0.04 per share), Activision Blizzard’s non-GAAP split-adjusted earnings per diluted share were $0.07. The company’s prior non-GAAP split-adjusted earnings per diluted share outlook was $0.04.
Separately, Activision Blizzard also announced that its Board of Directors has authorized a stock repurchase program under which the company can repurchase up to $1 billion of the company’s common stock.
Robert Kotick, CEO of Activision Blizzard, stated, “For our first quarter as a combined company, Activision Blizzard’s financial results were higher than the outlook we provided on our last earnings call, both on a GAAP and non-GAAP basis. Our performance was driven by continued strong worldwide sales of Call of Duty® 4: Modern Warfare™, Guitar Hero®: Aerosmith® and Guitar Hero®: On Tour™, Blizzard Entertainment®’s World of Warcraft® and the international release of LucasArts’ Star Wars™: The Force Unleashed™.”
Kotick continued, “In the December quarter, we will launch our strongest holiday slate ever, which is based on some of the best-selling franchises in the industry. We are excited about our holiday releases, which are all based on proven franchises, and will deliver our entire slate on schedule with strong product quality on our key titles. However, we remain cautious given the likely slowdown in consumer spending this holiday season.”
“As a result of our strong momentum through the first 9 months of the year and our solid holiday slate, we are reaffirming our full year non-GAAP outlook of $4.9 billion in revenues and $1.2 billion in operating income. We also announced a $1 billion share repurchase program which illustrates our confidence in the long-term growth of the company and our commitment to providing superior returns to our shareholders,” Kotick added.
(more)
Activision Blizzard Announces September Quarter Results
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