Activision reports record $650 million Q1 revenues
Prior to its merger with Vivendi, Activision's Q1 2009 net revenues were $150 million higher than expected
Headquartered in Santa Monica, California, Activision Blizzard, Inc. is a worldwide pure-play online...
Activision Blizzard announced that Activision's stand-alone preliminary financial results for Q1 of fiscal year 2009 were higher than the company's previously provided outlook.
Activision expects record net revenues of approximately USD 650 million and earnings per diluted share in the USD 0.16 - 0.18 range - an increase from the company's prior outlook of USD 500 million in net revenues and earnings per diluted share of USD 0.04.
The first quarter of fiscal 2009 ended on June 30, prior to the closing of the transaction with Vivendi, on July 9.
"Activision's first quarter stand-alone net revenues and earnings were the highest ever for a non-holiday quarter," said president and CEO Robert Kotick.
"Our significant over-performance in Q1 would have further added to our previously given stand-alone fiscal 2009 net revenues and earnings outlook, making it by far the largest and most profitable year in Activision's history. As we have recently closed our transaction with Vivendi Games, we will be providing an outlook for Activision Blizzard as a combined company moving forward."
Activision said that it's Q1 performance was driven by the North American launch of Kung Fu Panda - the largest launch of a DreamWorks Animation licensed property by Activision. Late in the quarter, Activision also had two record setting North American launches from the Guitar Hero franchise - Guitar Hero: On Tour for the DS and the multi-platform Guitar Hero: Aerosmith.
"We are extremely excited about the additional possibilities created by the completion of our combination with Vivendi Games last week and remain very optimistic about the long-term opportunities," Kotick said.
"Both Activision and Blizzard Entertainment's businesses have maintained their momentum and Activision Blizzard is well positioned to exceed the financial goals set for the combined company."