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This excerpt taken from the ATVI 8-K filed May 7, 2009. - Company Increases CY 2009 Net Revenues and EPS Outlook -
Santa Monica, CA – May 7, 2009 – Activision Blizzard, Inc. (Nasdaq: ATVI) today announced better-than-expected financial results for the first quarter 2009.
For the quarter ended March 31, 2009, Activision Blizzard’s GAAP net revenues were $981 million, and its non-GAAP net revenues were $724 million. The company’s prior GAAP net revenue outlook for the quarter was $860 million. On a non-GAAP basis, the company’s net revenue outlook was $550 million.
For the quarter ended March 31, 2009, Activision Blizzard’s reported GAAP earnings per diluted share was $0.14, and the company’s non-GAAP earnings per diluted share was $0.08. The company’s prior GAAP earnings per diluted share outlook was $0.08. On a non-GAAP basis, the company’s earnings per diluted share outlook was $0.03.
The company reports results on both a GAAP and a non-GAAP basis. Please refer to the tables at the back of this press release for a reconciliation of the company’s GAAP and non-GAAP results.
Robert Kotick, CEO of Activision Blizzard, stated, “Our better-than-expected first quarter results were driven by strong global consumer response to the Call of Duty® and Guitar Hero® franchises and Blizzard Entertainment®’s World of Warcraft®, despite challenging economic times. For the quarter, we were the #1 third-party console and
handheld publisher in North America and the #1 third-party publisher for the Nintendo WiiÔ platform worldwide, according to The NPD Group, Charttrack and Gfk.”
Kotick continued, “During the remainder of the year, we plan to release our strongest video game slate, based on some of the industry’s most profitable franchises. We are raising our calendar year 2009 financial outlook. Additionally, we expect to deliver record calendar year non-GAAP operating margins of 25%. Our high-quality franchise portfolio, industry leading operational capabilities and solid balance sheet should enable us to take full advantage of the opportunities afforded by the expanding interactive entertainment market and enable us to deliver continued superior returns to our shareholders.”
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