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News   Acclaim Makes Money
- Posted By Eric Tajchman, 06.28.2002

The entire statement is pretty long. To sum up, Acclaim made some money.

Acclaim Entertainment, Inc. (NASDAQ.SC: AKLM), a leading global video entertainment software developer and publisher, today reported earnings before extraordinary items of $2.5 million or $0.03 per diluted share, on net revenues of $62.9 million for the third fiscal quarter ended June 2, 2002. Compared to the same period of the prior year, this represents a 943% increase over earnings before extraordinary items of $0.2 million and a 63% increase over net revenues of $38.6 million.

For the first nine months of fiscal 2002, Acclaim reported earnings before extraordinary items of $24.9 million or $0.28 per diluted share before extraordinary items on net revenues of $214.6 million. Compared to the same period of the prior year, this represents a 115% increase over earnings before extraordinary items of $11.6 million or $0.20 per diluted share, and a 42% increase over net revenues of $151.0 million.

In the third quarter of the prior fiscal year, the Company recorded an extraordinary gain of $7.1 million from the early retirement of $13.9 million principal amount of the Company's then outstanding 10% convertible subordinated notes, thus impacting net earnings for the third quarter and the nine months of fiscal 2001. Correspondingly, in the second quarter of the current fiscal year, the Company recorded an extraordinary loss of $1.2 million from the early retirement of $12.7 million principal amount of 10% convertible subordinated notes, thus impacting net earnings for the second quarter and the nine months of fiscal 2002.

Net earnings after the extraordinary items were $2.5 million or $0.03 per diluted share for the third quarter of fiscal 2002, compared to net earnings after the extraordinary items of $7.4 million or $0.12 per diluted share, for the same period last year. Net earnings after the extraordinary items for the first nine months of fiscal 2002 were $23.7 million or $0.27 per diluted share compared to net earnings after the extraordinary items of $18.7 million or $0.32 per diluted share, for the same period last year.

"The results for the quarter reflect the successful and timely launches of our key releases for the quarter, Headhunter(TM) and Aggressive Inline(TM), as well as the continued strength of our portfolio which contributed 32% of our net revenues, said Gregory Fischbach, Co-Chairman and CEO of Acclaim. "While we are disappointed that our Company did not achieve our `top line' guidance, we believe that we will realize this net revenue shortfall in the fourth quarter."

"We were pleased to have successfully increased our market share according to NPDFunworld TRSTS Report; achieving a 5.8% share of the PS2 market and 8.4% share of the GameCube market for the month of May. Our overall market share has increased by 22% since December 31, 2001. Headhunter(TM) after three weeks in the market was the #5 best-selling full-priced title in the PS2 market during the month of May. In addition, we made certain organizational changes in our sales department, which we believe will ensure more predictable results in the future."

If you want to know everything about Acclaim’s financial success, click here to view the entire statement.

Source: Press Release